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

To: laguy6 who wrote (143)	2/22/1998 5:47:00 PM
From: Colin Cody	Respond to of 1383

The IRS already has a copy of the 1099B. So don't send them another copy. I personally wouldn't do it, but if you want to this is how to do it on Sch D under Short term: Description "Various" Acquired Date - "Various" Sold Date - "Various" Sales Proceeds - The Amount per the 1099B Purchase Amount - Whatever it takes to back into your profit. ALL ON ONE LINE. This will report everything ON THE 1099B If you have Options or other OFF-1099B items you need to list them as well. Worst to happen? AN AUDIT Then the Auditor will fuss that there is too much work. Then he can do whatever HE WANTS TO DO to reconstruct and that may or may not be to your liking... BUT based on what you say here, the agent could likely agree with you 100% and accept the return as filed. A danger in your proposed method is everything gets netted out. If you took out CASH or deposited CASH... If you were charged (or earned) interest. Dividends? Fees? Too easy to make an error with your proposed method for me... Colin

To: laguy6 who wrote (143)	2/22/1998 8:11:00 PM
From: Box-By-The-Riviera™	Respond to of 1383

Colin prob knows much better than I, but I enter all my trades so at least they have a chance to look at them before they decide to call me with a question..... But the bigger question is: Did you save all of your trading slips...... they are your best proof of how each buy and sell took place IMO. Without those....any list is suspect to a degree because you don't have supporting documents other than statements or the 1099....which are much less clear IMO if you have to sort these out during an audit... I suppose you could report the gross numbers....but I imagine they will be pretty large and therefore....without detail if you don't list each trade... Colin??? Joel