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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (142)	2/22/1998 3:30:00 PM
From: laguy6	Read Replies (2) \| Respond to of 1383

Question to the experts. I am a very active daytrader, over 10 000 trades last year which I in put in my quicken every night. Then my system crashed , I lost my data and now I have a 100 page 1099. (yes i know i am supposed to back up, but I didn't ) My question is , do I need to reinput all my trades ( about a months work) or just report the net profit. I mean I had no position Jan 1 and no position Dec 31. I take my equity Dec 31 minus the equity Jan 1 and I will pay taxes on the difference. Although this is not by the book , I do know exactly how much I made and I intend to pay taxes on that amount . What is the worst that can happen, an audit ?? And if I get audited do I just give them my 100 page 1099 and my 4 binders of statements and let them figure it out , or is that my duty. I mean I have no fear for an audit because , I am not cheating , nor am I particulary aggressive in my deductions. So why put in a months work to input all those trades? Also should I submit a copy of my 100 page 1099 with my taxes or just submit the the totals. Any advice would be welcome. Thanks a lot. Lagu6