1040 - Reporting Stock/Option Trading Profits Without Listing Each Trade


D

DB

Can I report the short-term total profits for my trading activity (around
100 Stock & Option trades from a single broker account) without listing each
individual trade on schedule D? Thanks DB
 
A

Archmedes

DB said:
Can I report the short-term total profits for my trading activity
(around 100 Stock & Option trades from a single broker
account) without listing each individual trade on schedule D?
Thanks DB
Here are the Schedule D instructions. If your broker gives you an
annual listing of your sales similar to the Schedule D format, you're
home free:
______________

"You must enter the details of each transaction on a separate line of
Schedule D. If you have more than five transactions to report on line 1
or line 8, you can report the additional transactions on Schedule D-1.
Instead of reporting your transactions on Schedules D and D-1, you can
report them on an attached statement containing all the same information
as Schedules D and D-1 and in a similar format. Use as many Schedules
D-1 or attached statements as you need. Enter on Schedule D, lines 2 and
9, the combined totals from all your Schedules D-1 or the attached
statements. Do not enter “available upon request” and summary totals in
lieu of reporting the details of each transaction on Schedules D and D-1
or attached statements."
_______________
 
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D

DB

Archmedes said:
Here are the Schedule D instructions. If your broker gives you an
annual listing of your sales similar to the Schedule D format, you're
home free:
______________

"You must enter the details of each transaction on a separate line of
Schedule D. If you have more than five transactions to report on line 1
or line 8, you can report the additional transactions on Schedule D-1.
Instead of reporting your transactions on Schedules D and D-1, you can
report them on an attached statement containing all the same information
as Schedules D and D-1 and in a similar format. Use as many Schedules
D-1 or attached statements as you need. Enter on Schedule D, lines 2 and
9, the combined totals from all your Schedules D-1 or the attached
statements. Do not enter “available upon request” and summary totals in
lieu of reporting the details of each transaction on Schedules D and D-1
or attached statements."
_______________
The brokerage firm provides a statement on notebook pages which consists of:
listing each purchase by short or long-term investment, quantity,
acquired/opened, sold/closed, total proceeds, cost basis, realized gain or
loss. Can I copy and attach the many pages of this statement and attach to
my Sch D as the list of trades? If so, how would I label or number it, etc.
 
A

Arthur Kamlet

The brokerage firm provides a statement on notebook pages which consists of:
listing each purchase by short or long-term investment, quantity,
acquired/opened, sold/closed, total proceeds, cost basis, realized gain or
loss. Can I copy and attach the many pages of this statement and attach to
my Sch D as the list of trades? If so, how would I label or number it, etc.

If the broker's gain/loss statement issued at year end is in the same format
as a schedule D/D-1, sure, attach it to the tax return. The Sch D-1
totals go to the schedule D on the indicated lines.


You can even efile this tax return by ataching the broker's gain/loss
statement to form 8453 and mailing form 8453 and attachments to the IRS.

If the broker's format is not the same, some people act as if it were
the same and proceed as above. I'm not saying it is OK to do so.
 
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D

DB

Arthur Kamlet said:
If the broker's gain/loss statement issued at year end is in the same
format
as a schedule D/D-1, sure, attach it to the tax return. The Sch D-1
totals go to the schedule D on the indicated lines.


You can even efile this tax return by ataching the broker's gain/loss
statement to form 8453 and mailing form 8453 and attachments to the IRS.

If the broker's format is not the same, some people act as if it were
the same and proceed as above. I'm not saying it is OK to do so.
Sounds good. Thanks!!!!!!!!!!!!!1
 

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