Tax Returns

C

celedus

Hi,
I have recently started scalping. Obviously, I do a lot of trades, and I was wondering will I have to fill each of these trades in turbotax at the end of the year? Thats what I had to do last year, when I was using Scottrade and they sent me a paper statement. I am using IB as my broker now.
Any reply from a person who trades frequently and files taxes in US using a tax software will be greatly appreciated.
Thanks,
Celedus
 
I down load last years schedule D and figure out my trades the next day, when they are posted on IB and then list them on the form. At the end of the year, I change the date on the form and send it in with my tax return.
 
IB's 1099? comes with a list of fills; not orders and it takes a whole lot of time to wade through each trade if you do size.

And no totals either.
 
Hello, there already have been many threads about tax returns with detailed discussions, infact, there was one just a few days ago. You'll find all the answers you need from those threads.

Happy trading :)
 
Quote from celedus:will I have to fill each of these trades in turbotax at the end of the year? Thats what I had to do last year. I am using IB as my broker now.
More...

For 2004 IB improved slightly, 2005 hopefully will see further improvement.

You can cut and past the IB HTML page into Excel and run totals as necessary. IB also had a nice summary box on the page for 2004 showing the varaious totals needed to reconcile your trades. The totals can then be input into the tax software, using the Excel as a supporting schedule attachment

Of course many people reconcile their accounts more than just at tax-time. Daily data input into Quicken or Excel throuout the year is one way to keep your business records straight.
 
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