Turbotax Dies at 3000 trades, Any Other Software?

daveb351 · Mar 16, 2009

I've used Tax Assistant for Excel: http://www.djicomputer.com/TaxAssistant.htm

telozo · Mar 16, 2009

Quote from edil:

I dont trade stocks anymore but I used Simply Track for two years to generate my schedule D-1. Worked great, it calculated wash sales and cost just 50 dollars.

Same here - I use Simply Track for Schedule D, and then import it into TaxCut.

Mr. EB · Mar 16, 2009

For you tradelog + turbotax users, what do you manually edit on schedule D? Do you type in the first 4-5 transactions like Turbotax does?

At the end, do you just print the tax filing, put tradelog's schedule D printout at the end and mail it in?

volente_00 · Mar 17, 2009

Gainskeeper works pretty good.

Mr. EB · Mar 17, 2009

Does anyone know if you have a 300 page tax return. Do you just put it in a box and send it to IRS? I mean I can't staple it. Put a rubber band around it?

RiceRocket · Mar 17, 2009

Quote from Mr. EB:

For you tradelog + turbotax users, what do you manually edit on schedule D? Do you type in the first 4-5 transactions like Turbotax does?

At the end, do you just print the tax filing, put tradelog's schedule D printout at the end and mail it in?

You put the total cost basis, and sales price for the year that outputs from the tradelog schedule D.

So, for example in turbotax schedule d:
A)brokerage name
B) Date aquired: Various
C) Date sold: 12/31/08
D) Sales price 300,000
E) Cost Basis: 250,000
F) Gain/Loss: 50,000.

RiceRocket · Mar 17, 2009

Quote from Mr. EB:

Does anyone know if you have a 300 page tax return. Do you just put it in a box and send it to IRS? I mean I can't staple it. Put a rubber band around it?

Put one of those plastic binder clips on it, put it in a big envelope and mail it.

Truthfully, the IRS takes these tax returns from traders and just dumps them in the trash. They don't really audit 300 pages unless you are blatantly lying. They're not going to rip through a huge schedule d filing for a few hundred bucks in mistakes, or a miscalculated wash sale.

DataCruncher · Mar 17, 2009

Quote from RiceRocket:

Truthfully, the IRS takes these tax returns from traders and just dumps them in the trash.

interesting. what is your source for that information?

InvestorTerry · Mar 17, 2009

Quote from Mr. EB:

Does anyone know if you have a 300 page tax return. Do you just put it in a box and send it to IRS? I mean I can't staple it. Put a rubber band around it?

You can put it in a box and mail it to them is fine.

BrianH · Mar 2, 2010

Quote from RiceRocket:

You put the total cost basis, and sales price for the year that outputs from the tradelog schedule D.

So, for example in turbotax schedule d:
A)brokerage name
B) Date aquired: Various
C) Date sold: 12/31/08
D) Sales price 300,000
E) Cost Basis: 250,000
F) Gain/Loss: 50,000.

You can do that if you have trader status with the MTM election but you also must include every trade in detail on Sched D or a matching extension. The law changed and a summary or "details upon request" is specifically mentioned in the instructions as not acceptable. BTW the worst possible outcome is that they set your cost basis at zero and demand the tax based on your proceeds as if the whole thing is profit!