What do you do to keep track of trades for taxes? (trading thru IB)

Originally posted by moffitt
Could you please tell me if you need to list every single trade
when doing your taxes? Or could you just hand in a bottom line figure?
More...

I have submitted summaries on a per-security basis. My accounts have done that for 5+ years and it's never caused any audits. I obviously keep all the details, should the IRS ever want to see it.
 
Originally posted by vikana


I have submitted summaries on a per-security basis. My accounts have done that for 5+ years and it's never caused any audits. I obviously keep all the details, should the IRS ever want to see it.
More...

I do the same thing. Each security gets just 1 line on my Sched D, with 1 net buy and 1 net sell figure.

edit: and the related P&L of course
 
I don't get a statement that breaks down by security. It just lists all my trades on a daily basis. So to keep track of a p&l by security
would also be a project. I just don't want an accountant
to tell me to list all trades. Then have him charge me big money to do my tax return.

:cool:
 
Originally posted by taxman


I still think the market has a long way to go in developing the trader niche. For example, options, futures and currency trading has yet to be dealt with effectively. Perhaps, because the rules and complex and still in flux.
More...

I have been using Captools Global Accounting Software and it does handle the accounting of futures, options, and currency trading.

Catoosa
 
You must log in or register to reply here.
Back
Top