Re: 2009 taxes day trader reporting requirements

H

HumilityisKing

New to trading reporting my first day trading tax year.

My accountant asked for the following...
"I am missing a Cost Basis statrment for the stocks that xxxx sold during the year. The history report is a nice report, but it does not tell me which stocks match to which stocks and it also does not tell me if there were any open items for the year. If xxxxx could email that report to me in excell format, that would be wonderful.
Stock name, date purhased, cost, date sold, sales price"

I submitted my statements on disc from my broker, and thought that was it.

If the accountant wants to calculate many thousands of transactions that seems nuts for a day trader.

Any thoughts or guidance would be welcome

HumilityisKing
 
Quote from HumilityisKing:

New to trading reporting my first day trading tax year.

My accountant asked for the following...
"I am missing a Cost Basis statrment for the stocks that xxxx sold during the year. The history report is a nice report, but it does not tell me which stocks match to which stocks and it also does not tell me if there were any open items for the year. If xxxxx could email that report to me in excell format, that would be wonderful.
Stock name, date purhased, cost, date sold, sales price"

I submitted my statements on disc from my broker, and thought that was it.

If the accountant wants to calculate many thousands of transactions that seems nuts for a day trader.

Any thoughts or guidance would be welcome

HumilityisKing
More...

"Stock name, date purchased, cost, date sold, sales price"

That is the basic information to determine your gain or loss on each trade. Without that information you don't know if you made or lost money. The IRS also requires it on Schedule D of Form 1040.

If you think that basic profit/loss accounting is nuts, then who am I to argue with you?
 
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