Proceeds from Broker

[helow]

Want to make sure my approach is accurate:

1) TP is a day trader. 1099 shows various stocks bought and sold. To calculate gain or loss, I deducted TOTAL PURCHASES LESS THE PURCHASE PRICES OF STOCKS NOT SOLD=COST OF STOCKS SOLD. I then deducted this from the sales proceeds.

2) Since I cannot list all stocks I entered Varion for all fields. Is this accurate.

3) In Capital G/L detail schedule, transaction type I selected Personal Sales (8) from the dropdown,.

I would appreciate if someone could give advise on above.

Thanks much

Jeff

[OldJack]

Its not easy to qualify as a day trader even if that is all this taxpayer is doing. You should make sure your taxpayer qualifies. The default for an individual with large stock transaction traded for his own account is as an *investor* with the requirement that all transactions are reported in detail on 1040 Sch-D or attached schedule with similar columns and headings.

[helow]

Thanks. But how can I enter over 29 different stock bought and sold. I thought entering "VARIOUS" would do the trick.

[michaelmars]

29????? IGOT guys with over 1500 trades

[GERALD]

Enter them one at a time like I do ! I did one last week with 45 transactions. I always explain to these clients that the more the trades, the higher my bill.

If the trades were all with one broker, and you enter one total that agrees with theirs, it might fly. Then again, ??

Why do you say you cannot enter all transactions?? There is no limit on the number that I know of. You might suggest to the client that they keep a spreadsheet in Sch D format, and you could use that as an attachment to the return. I do quite a bit of trading and I keep the spreadsheet up to date during the year, and at year end, I just print it off and good to go.

[jklcpa]

Unless the client or broker can supply you with a summary, don't create your own spreadsheet. Then you'd have to be careful to sort properly by short & long. Just enter them & let the program do its job. 29 transactions is nothing!

[Lion EA]

I have a client with 4,400 trades, mostly wash sales! When I'm lucky, he's late getting me his information so we file off-season when I have more time for data entry.

[LindaB]

Want to make sure my approach is accurate:

1) TP is a day trader. 1099 shows various stocks bought and sold. To calculate gain or loss, I deducted TOTAL PURCHASES LESS THE PURCHASE PRICES OF STOCKS NOT SOLD=COST OF STOCKS SOLD. I then deducted this from the sales proceeds.

2) Since I cannot list all stocks I entered Varion for all fields. Is this accurate.

3) In Capital G/L detail schedule, transaction type I selected Personal Sales (8) from the dropdown,.

I would appreciate if someone could give advise on above.

Thanks much

Jeff

Are you using the input tab for the Sch. D? Why do you say you cannot list all the stocks? Transaction type is not Personal Sales (8), it is (1). If you use (8), losses will not be allowed.

[helow]

Thanks all. I guess I do not have a choice.

Jeff

[JRS]

Maybe I misread the post, but someone with 29 trades is not a day trader. I had a client 3 years ago with just under 500 transactions (less than a 1000 trades) and it a major effort on both our parts to convince the IRS, he was definitely a day trader. (Probably, because he made money.)

[Julie]

Of course you can put down as many trades as there happen to be. Why do you think there's a continuation page for the D?

Maybe I misread the post, but someone with 29 trades is not a day trader. I had a client 3 years ago with just under 500 transactions (less than a 1000 trades) and it a major effort on both our parts to convince the IRS, he was definitely a day trader. (Probably, because he made money.)

[michaelmars]

MANY Brokers will send you the sch d info in an excel format you can import