investment by a day trader
how can i show 4000 stock transactions?
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26133
baUQLOvqer4yUOacwZ5xHE
02/11/12 2:39pm PST
Viewed by asker 02/15/12 9:13am PST
Viewed by asker 02/15/12 9:13am PST
17 Replies
02/11/12 3:02pm PST
put totals only on schedule d seprate short term from long term so you have correct gains or loss, then send copies of brokers statement that shows all detail with form 8453 to IRS
In ProSeries when you are in schedule D just under detail are misc option check the box that states you will be mailing brokers statement and 8453 will auto print for you to mail in
02/11/12 5:11pm PST
Or you can start entering all 4000 transactions and we can check back with you in a week or two. Personally, I would go Terry's route.
tilt53
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02/11/12 5:20pm PST
You might consider this: http://www.txf-express.com/
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02/11/12 9:02pm PST
Your client's broker should be able to send you a spreadsheet you can import into ProSeries. Another option is if you have a scanner that will do OCR and convert the information to a spreadsheet. Doublecheck the math because it will need a little tweeking
02/12/12 1:51pm PST
The tax import feature is obtained through an additional fee. Here is the link:
02/12/12 2:03pm PST
It's a lot cheaper to send a broker's statement to the IRS. And in the time it takes to import W-2s, 1098s, etc. I can have entered all that information multiple times. Time to scan, time to wait, time to review, time to edit, time to complete import... No thank you.
02/12/12 2:04pm PST
I agree, but wanted to clarify the additional info MJ was suggesting.
02/12/12 2:36pm PST
I agree with you also Debi, .....I thought he was talking about a day trader with hundreds of transactions of which I have seen one or two
Mt Juliet CPA
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02/12/12 6:55am PST
You have the capability this year to scan a spreadsheet and use the import process, But as noted you will need to doulbe check the math caslculations
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02/12/12 11:31am PST
Wow! Did not know this. How exactly do I do this?
Unless you are referring to the additional cost Tax Import feature.
I do not believe you can do this without that add on, correct?
02/12/12 2:42pm PST
Careful with the broker statement that does not have a basis amount for some of the entries. Might have to split them out. Definetly use the 8453 for the rest.
02/14/12 1:08pm PST
Thank you for your answers. one more question, do i need to reconcile my transactions?
02/14/12 1:58pm PST
Yes. How would you know you're correct otherwise? But you don't have to submit the reconciliation with the return.
02/14/12 2:04pm PST
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Yes you need to make sure that the return is correct so yes you need to reconcile prior to submission
