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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Wayners who wrote (1698)	1/1/1999 12:06:00 PM
From: Brendan W	Respond to of 5810

Wayne, your question has come up before and I don't think there was a definitive answer. I can tell you I do make Sch D a summary and provide an attachment which is a supporting schedule with all the detail. My CPA thinks it's fine.

To: Wayners who wrote (1698)	1/1/1999 2:07:00 PM
From: WallStBum	Respond to of 5810

You can just prepare an attachment to your return in Excel listing your trades out. At most you'll have 4 totals, short term cap gains, short term cap losses, long term cap gains and long term cap losses. Then just write on Schedule D "Total Short Term Gains - See Attachment", etc. I keep track of all my trades in Quicken. At year end I just export my trades out by running a report of all transactions and then printing to file. Excel will import and away you go. Works slick. To double check yourself, add up the sales proceeds figures from your 1099(s) from your broker(s) and make sure that figure matches the total sales proceeds on your return attachment. Hope that helps you. dax

To: Wayners who wrote (1698)	1/1/1999 2:48:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 5810

Wayne, I agree with the other answers you received. As my trading activity increased I started an Excel Spreadsheet that I keep "live" all day long. I set up 10 columns: # shares; Description; date acquired; date sold; fairmarket value/sales price (2 columns: price per share & total ticket price); Cost (2 columns: price per share & total ticket price); Gain/Loss on the position; TODAY'S gain or loss. I put in my trades as I make them, and I know how I am doing each day. I print it out each day and I can review my progress daily, weekly or monthly just by looking back at the print outs. (As the print outs get longer & longer, I temporarily change the closed-out trades to a row height of zero), So it is only a one page print-out. My MB Traders has an automatic "minder" that tells me how I am doing each day, but with my volume level I like my system. It focuses my attention to each open position as I manually need to put in current prices on each open item. This system also lets me quickly check the confirmations when they arrive several days after the trade. My formulas usually hit the confirm within a penny, OR they point out that something extra was added to the broker's fees. I also use COLORS to highlight gains vrs losses, one broker vrs another broker; etc Looking at my schedule today I know what my 1099 from the brokers should be in total, and once it checks out I can manipulate and sort the data for any analysis or tax reporting I need! Colin