Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Ira Player who wrote (253)	12/11/1997 11:46:00 AM
From: Colin Cody	Read Replies (2) of 5810

Ira, Your book is OK, and the IRS might rely on it to some small extent. But they might rely on a loose leaf book just as well, or even notes on the back of old envelopes for that matter. IMO there is no reason to think a bound book is in and of itself "better"... better for WHAT? . Are you saying this documents your transactions, gains, losses, short-term etc? Sure it does. But the IRS would want to see brokerage stmts etc to verify that the bound book isn't a fairy tail. The book is NICE, but not necessary. The book is likely a GREAT tool for your CPA and your tax-prepoaration, as is summarizes all the work... I recommend your maintain the book, It is really a GREAT TOOL for you and your accountant. . OR are you suggesting that this book of yours allows you to "match" spoecific lots of stocks to your sales??? This is the topic we've discussed recently here. . Your book, taken alone, is of zero value in creating a basis for matching. There are rules such as FIFO, Average Cost, S-T/L-T Avg Cost and Specific identification BY YOUR BROKER. Your book seems to provide none of the four methods I just mentioned. . Colin

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