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Technology Stocks : E*TRADE IPO ALERT THREAD
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To: Jim B who wrote (15108)1/3/2000 5:14:00 PM
From: Scott  Read Replies (1) of 15145
 
Hey does anyone here file their own taxes using etrades 1099 and tax record on
their website? How accurate is Etrade and do you find yourself having to recalculate
each transaction or do you just download your trading activity .. attach it to the
Schedule D and then include the 1099 that shows net gains/losses and leave it at
that for the IRS to figure out?

My accountant does my taxes, but we just attach the Etrade printouts, and compute the overall proceeds, and cost-of-proceeds for long and short term gains or losses. Etrade does not include options trades on the 1099, so you have to total these separately. The so-called "tax records" are worthless. They are based on the portfolio records, which seem to be completely inaccurate.

You don't need to transcribe every trade to a schedule D.

We do not leave anything for the "IRS to figure out." We report the overall gain or loss as required.

Wash sales are another story - if you have those, you have to deal with them.

And you have to exclude positions that were opened, but not closed in 1999, and bring forward the cost basis for any positions that you were in on Dec 31, 1998 that you then closed out in 1999.

So it's not as simple as attaching the reports and subtracting two numbers.

Scott
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