JJStephens Posted March 7, 2011 Report Share Posted March 7, 2011 I don't run into this very often but wonder if I'm making more work for myself than necessary. I have a small handful of clients who fancy themselves day-traders. In the past I have always entered every transaction on Sch D. Is that necessary? For example, can I lump together all the LT transactions for a given security in a single entry or do they have to be itemized? Thanks for whatever help/guidance you can offer. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 7, 2011 Report Share Posted March 7, 2011 I tell clients how much money they will save in my fee if they (or their broker) provides their gain/loss statement in a form such as Excel that I can import into their return. And, when I finally try Scan & Flow on a paper G/L, I may discover that that works too. I have mailed in the G/L with an 8453, and I have typed everything in. But, I love to import Excel. Quote Link to comment Share on other sites More sharing options...
JJStephens Posted March 7, 2011 Author Report Share Posted March 7, 2011 I tell clients how much money they will save in my fee if they (or their broker) provides their gain/loss statement in a form such as Excel that I can import into their return. And, when I finally try Scan & Flow on a paper G/L, I may discover that that works too. I have mailed in the G/L with an 8453, and I have typed everything in. But, I love to import Excel. Interesting idea. I switched to TRX this year. Will have to figure out if it has that capability. Do I understand though, that itemization is required? Quote Link to comment Share on other sites More sharing options...
jainen Posted March 7, 2011 Report Share Posted March 7, 2011 >>that itemization is required<< Yes, each individual sale must be reported. However, it does not need to be typed in or imported. If the broker statement is similar in format to Schedule D-1, you can simply attach the paper copy and mail it. Your software has a place to mark that you are attaching pages to Form 8453. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 7, 2011 Report Share Posted March 7, 2011 "I have mailed in the G/L with an 8453" Exactly, get the detail into their hands however it works for you. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted March 8, 2011 Report Share Posted March 8, 2011 I type them all in. But I have a small practice. Charge for every line item on the D. Beefs up my bill. Bring them on. I need the money. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
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