Replies to post #64758 on $heff's $tation of $tocks & $olid DD

[lovethatgreen]

get an accountant,

[smittygoodcall]

My accountant does mine but I think some of the home kits like turbo tax can merge with your brokerage gain/loss report. Might depend on your brokerage platform.

[Rymankoly]

You can use turbo tax.
All brokers are required to keep the data of buy/sell includes wash sales (if you bought the stock before 2012, you might have to enter cost, but trading should be covered).

[kookiekook]

My Tax guy simply list the transaction on a 1040 under the section for stock transactions (ie Capital Gains) as MISC and provides a copy of the 1099 summary page with the tax form. He keeps a copy of the full 1099 on his computer and I keep one (in addition 1 is available on line from my broker) in case the IRS has questions.

[$hellKing]

Turbo tax wont help if you have over 3k trades. It will let you get right to the end and tell you you cant process it. Boy will that really piss you off. You will have to print it out and mail it in. So whats the point in paying for the turbo program?


Although brokerages are required to keep track of everything now I believe, you can use Gainskeeper. Brokers used to not have to but I think they all had to update their systems last year to do basically what gainskeeper does. But I still use Gainskeeper. I just download all my data to them(most big brokers can do this) and boom its done. Any error will pop right up and you fix them.

If you get an accountant to do it for you it might cost extra for his time for all the transactions and corporate actions etc. Gainskeeper will cost you a few hundred but its worth it to me for the headache of all the brokers I had and account transfers I did in the past.


https://www.gainskeeper.com/

[brownsfan414]

Turbo tax imports all of my information. Last year I had to enter cost basis, but I believe this year It automatically does that as well.

I am not qualified as a daytrader though so It may be different for you.