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Non-Tech : Interactive Brokers / Timberhill -- Ignore unavailable to you. Want to Upgrade?

To: Mario :-) who wrote (7141)	2/25/2007 9:46:14 PM
From: churchy6	Respond to of 9012

Hi MarioSI, Yes, I believe you can attach this report to your tax return and that it is adequate for the IRS. I had about 900 transactions for 2006, checked things pretty carefully, and did not find any mistakes with regards to TradeLog's importing of data, calculations, or reporting. Here's one thing I did notice that pertains to you: You may have noted that IB will generate a Gain and Loss Report (Schedule D)in the Tax Forms section of Account Management. I printed one off to compare to TradeLog and couldn't believe that the vast majority of Canadian stock transactions (reported in US dollars) were off by small amounts when comparing the IB report to the TradeLog report. I muddled over this for several hours and came to the conclusion that IB's Schedule D was generated using Daily Statement data whereas I had been importing Monthly Statements to TradeLog. What's the difference you ask? For some reason I can't fathom, when IB generates it's monthly statements, it uses a currency conversion rate (end of month?) different from the currency conversion rates used on the Daily Statements. In other words, figures for Canadian stock transactions reported in US currency will not match when comparing IB daily statements to IB monthly statements. So in 2007 I'll be importing Daily Statements (you can do 15 at a time I think) rather than Monthly. Hope that's clear.