Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: Dave Baker who wrote (180)	5/23/1998 1:28:00 AM
From: agent99	Read Replies (2) \| Respond to of 1729

>>>With that much trading activity, how do you deal with the paperwork? What do you do at tax time? It must take you a week to prepare the list of stock transactions you made... This year I entered all of my trades into Quicken as I did them. That feeds right into TurboTax. It was pretty seamless.

To: Dave Baker who wrote (180)	5/23/1998 1:30:00 AM
From: Street Walker	Read Replies (1) \| Respond to of 1729

Paper Work and Taxes This is what I do (not saying its the best, but it works) I have a stack of papers with the following at the top and in the middle: D/Bght.....Symbol...#Shrs.....@Price.....D/Sold....@Price....$$/Avbl I fill in the data with each trade. After I receive the confirms in the mail I staple them to this cover sheet (12 stocks/sheet). At tax time - BUY TURBO TAX DELUXE for around $50 This is simple and straight forward tax software and will calculate all your wash sells and so forth. Couldn't do it without it! Also make sure to keep track of sales receipts and so forth if you find a way to deduct various items if you are a FULL TIME TRADER. S.W.

To: Dave Baker who wrote (180)	5/23/1998 7:35:00 AM
From: Big Dog	Read Replies (1) \| Respond to of 1729

Why would I do any such thing? I take all the receipts and statements from Etrade to my CPA brother (believe it or not he's a CPA and a narcotics detective) and it's over with. All I do is push the buy and sell button. I'll tell you a funny story about trading too much in one day. One day it seemed like every time I looked at the screen another stock was running. So, I tried to catch and play every one. Buy 100,000 of this and sell 50,000 of that, over and over again. When it was all over I called Etrade to get the balance of cash in my account, I was told, they would have to call me back. I had made so many large share transactions that the system did not keep up and they would have to go over all the transactions manually. BIG DOG