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: Bob Miller who wrote (476)	1/20/1998 5:44:00 PM
From: Dan Duchardt	Read Replies (3) of 5810

I learned today from an experienced daytrader that it is a common practice to report only totals on Schedule D, and just say something like "Details available on request" instead of attaching riems of paper. It sounded to me like the the basis used to calculate gains was a broker's report to the daytader (not sent to the IRS) of purchases. I raised a question about "wash sales" and what I think I heard was that you can have a daytraders account, report everything as short term gains, and not worry about wash sales. This was NOT going the route of getting professional trader status. Have any of you heard about such a thing?

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