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Author: Peamasii Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121598  
Subject: Active Trader tax filing status? Date: 10/10/1999 2:49 PM
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Active Trader tax filing status?
Does anyone know what form this is done on? I have more than 1000 trades already this year, I don't want to have to list each and every one, calculate wash rule results, etc.

There has to be a better way. I know there is a company that sells tax packages for active traders but I would like to avoid the $300 charge if I can help it.

Somewhere I read that you can have a full-time trader status and just list total gains/losses. Also you can deduct more than $3000 losses (fortunately I won't need to do that).

Thanks
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Author: mphipps Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19534 of 121598
Subject: Re: Active Trader tax filing status? Date: 10/11/1999 1:48 AM
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buy quicken.
Or you could do it yourself in excel.
I think they go on schedule b. But I am not sure
Can go to www.irs.com and get forms. Or you can purchase quicken deluxe from intiut for less than that 300. If you send me $5.oo I will tell you how.
Send it to....
Or just kidding.
go to www.intuit.com or www.quicken.com and if you have a credit card you can download it over the web. But if you are the guy I just told to cut it up then you can go to best buys. For for a fee of less than three figures you can get the turbo tax with quicken. Good luck.

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Author: UUinMN Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19538 of 121598
Subject: Re: Active Trader tax filing status? Date: 10/11/1999 9:25 AM
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You make the trades, you keep the records. Or pay someone to. Them's the rules.

Michael

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Author: edcosoft Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19539 of 121598
Subject: Re: Active Trader tax filing status? Date: 10/11/1999 10:09 AM
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Active Trader tax filing status?
Does anyone know what form this is done on? I have more than
1000 trades already this year, I don't want to have to list each and
every one, calculate wash rule results, etc.

There has to be a better way. I know there is a company that sells
tax packages for active traders but I would like to avoid the $300
charge if I can help it.

Somewhere I read that you can have a full-time trader status and
just list total gains/losses. Also you can deduct more than $3000
losses (fortunately I won't need to do that).


I don't know if it will help you any, but Edcosoft will soon have a Schedule D-1 spreadsheet available where you can post your trades as you make them. Form looks just like a Schedule D-1 and will sort and print them for you at tax time. In the meantime it will isolate and pinpoint your Short Sales, Constuctive Sales, and Wash Sales. Regualar trades, short sales, puts and calls, and will subtotal and total by tax quarter for Installment payments, as well enter your adjustments for the above problems.
Not as good as trader status, but if you think your interested e-mail D1@edcosoft.com and we will advise you when it is ready--probable end of October. Ed

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