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

Discussion in 'US Taxes' started by DB, Oct 25, 2008.

  1. DB

    DB Guest

    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
    DB, Oct 25, 2008
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  2. DB

    Archmedes Guest

    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."
    Archmedes, Oct 25, 2008
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  3. DB

    DB Guest

    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.
    DB, Oct 27, 2008

  4. 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.
    Arthur Kamlet, Oct 27, 2008
  5. DB

    DB Guest

    Sounds good. Thanks!!!!!!!!!!!!!1
    DB, Oct 27, 2008
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