Keeping up to date with trades for taxes ?

H

HawaiianTrader

Hi,

is there a way that I can keep my trades upto date, ready for next years taxs. I'm just about done with this years , and typing in each trade is something I'd rather not have to do again, 100's, 100's :-( My poor finger has cramps :-)

I use Taxcut Duluxe, and trade through IB. Even if I'm able to buy it for next year already and have to do it each day would be better than all at once.

Though this year I am right at the point of going Mark to Market for next year, but don't I still have to type each trade onto the the form ?

Someone has mentioned Gainskeeper.com ?

Thanks as always , Andy
 
I'm pretty sure that once you elect mark-to-market you don't have to report all your trades. You simply figure your profit/loss based on the difference between your brokerage balances at the start and end of the year, adjusted of course for things like interest, deposits, withdrawals, etc.
 
Thanks,

Does anybody know for sure if you can just report profit/loss for the year rather than each trade listed for Mark to Market ?


Thank you again for the info' on "armencomp" has anybody elsed used it ? I guess the GGT Traderlog is what I'll need if I go Mark to Market ?

Andy
 
Originally posted by HawaiianTrader
Thanks,

Does anybody know for sure if you can just report profit/loss for the year rather than each trade listed for Mark to Market?
More...

I filed M2M for the first time this year. I just had to report my P&L and send my 1099 from Cyber (about a 6" stack of paper). My accountant also had me print out the file of trades from Penson (another 6" stack) to match it to the 1099. Not sure why I had to do that.
 
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