1099-B question

[JJStephens]

I don't run into this very often but wonder if I'm making more work for myself than necessary.

I have a small handful of clients who fancy themselves day-traders. In the past I have always entered every transaction on Sch D. Is that necessary? For example, can I lump together all the LT transactions for a given security in a single entry or do they have to be itemized?

Thanks for whatever help/guidance you can offer.

[Lion EA]

I tell clients how much money they will save in my fee if they (or their broker) provides their gain/loss statement in a form such as Excel that I can import into their return. And, when I finally try Scan & Flow on a paper G/L, I may discover that that works too. I have mailed in the G/L with an 8453, and I have typed everything in. But, I love to import Excel.

[JJStephens]

I tell clients how much money they will save in my fee if they (or their broker) provides their gain/loss statement in a form such as Excel that I can import into their return. And, when I finally try Scan & Flow on a paper G/L, I may discover that that works too. I have mailed in the G/L with an 8453, and I have typed everything in. But, I love to import Excel.

Interesting idea. I switched to TRX this year. Will have to figure out if it has that capability.

Do I understand though, that itemization is required?

[jainen]

>>that itemization is required<<

Yes, each individual sale must be reported. However, it does not need to be typed in or imported. If the broker statement is similar in format to Schedule D-1, you can simply attach the paper copy and mail it. Your software has a place to mark that you are attaching pages to Form 8453.

[Lion EA]

"I have mailed in the G/L with an 8453"

Exactly, get the detail into their hands however it works for you.

[BulldogTom]

I type them all in. But I have a small practice. Charge for every line item on the D. Beefs up my bill. Bring them on. I need the money.

Tom

Lodi, CA