Hi Ken!
I enjoyed your chat room for several months this year. I think your chat room members will relate to this.
Last tax year, I got a ghastly surprise when I discovered that most brokers provide only raw transaction, and gross money moved during the year on 1099b forms. This is BAD, because the IRS requires a LINE by LINE per trade P&L. I was required to go over and reconcile by "hand" several thousand transactions ( a typical transaction will have at least a buy and a sell, but it can be many more than this due to partial fills, and trades can cover several days, making it hard to put it all together. Eventually I gave up, and handed the whole thing over to my accountant who fortunately had already lost all his hair. Cost me well over $1,000 to get it done, not to mention the lost time.
Anyway, I checked around, and so far I have not found a single broker that provides this important capability. So, I and a partner got mad, and built the software. It does the automatic report collation, calculation, and 1040-D ready layout. It even goes onto the net, logs onto each broker site, and pulls the trade data down automatically. So far, it works with DATEK, REALTICK III, QUICKEN. E*Trade, Waterhouse, Discover etc.
If you get a chance, take a look at StockTax98 at
www.obvioussoft.com
and let me know what you think...
cheers!
dave |
