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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: jlib who wrote (22864)	3/22/1999 8:00:00 PM
From: jlib	Read Replies (1) \| Respond to of 122087

Record Keeping and Tax Question (Slightly off-topic so please PM me or, if universally applicable, reply to the Income Taxes and Record Keeping thread referenced below.) OK, I made it a point to do everything right starting January 1st, 1999. I have been directly downloading all transactions from my broker into Quicken anticipating being able to just do a dump into 1999 Turbo Tax. Now, a user on the Income Taxes and Record Keeping thread #reply-8427001 made a comment that because short sales show up with a negative cost basis they can't be imported directly into Turbo Tax and must be entered manually. For the typical long-centric investor that would not be a problem but this is the first year I have had any short positions and maybe 90% of my transactions are short now and I already have way more than twice as may stock transactions this quarter than all of last year. So, since this is a short-centric crowd, I am soliciting suggestions on the most efficient way to handle this. I can live with doing it manually in a spread sheet I guess but I will need to start now and do it immediately upon receipt of my confirmations (and also backtrack the last 3 months). What a disaster it would have been if I had instead found out all of this next January. I am hoping someone will be able to say it ain't so regarding Turbo Tax and short sales but if not then what is the best method for keeping up on these transactions so that next April the only pain I suffer are the taxes themselves. Thanks for any comments! Jimmy Liberato