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Author: edrohr One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121320  
Subject: How do I get all of my trades into my tax form Date: 11/26/1999 11:13 AM
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I have two DATEK accounts. The first, an IRA buy and hold RP4. The second, a play account for my day/week trades, very short term. Q1. Do I need to enter each buy and sell on my 1999 tax form? Q2. I there an easy way to do this? Thanks in advance.
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Author: Randonneur Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21780 of 121320
Subject: Re: How do I get all of my trades into my tax fo Date: 11/26/1999 12:09 PM
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I have two DATEK accounts. The first, an IRA buy and hold RP4. The second, a play account for my day/week trades,
very short term. Q1. Do I need to enter each buy and sell on my 1999 tax form? Q2. I there an easy way to do this?

====================

You don't need to report trades in your IRA.

Yes, you do need to report each sell in your taxable play account. But you don't report the buys until they are sold. Sales are reported on Schedule D. If your sales won't fit on Schedule D, you go to the continuation sheet, Schedule D-1. Use as many D-1s as you need to report everything. Using a computer tax prep progam may make it easier as it should calculate the gains/losses on each sale and the totals for you.

Datek should send you a list of your sales in January, including date sold and sales price. They also will send this info to the IRS. You need to keep track of your buys. You will get your date acquired and cost from your trade confirmations or monthly statements.


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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: 21791 of 121320
Subject: Re: How do I get all of my trades into my tax fo Date: 11/26/1999 4:54 PM
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I have two DATEK accounts. The first, an IRA buy and hold RP4. The second, a play account for my day/week trades, very
short term. Q1. Do I need to enter each buy and sell on my 1999 tax form? Q2. I there an easy way to do this? Thanks in
advance.


No need to list the IRA trades. The others require listing all closed trades, all Wash Sale adjustments, and all open short positions on a Schdule D-1. We will shortly have our D-1 calculator available which does all this, calculates the profit or loss on each complete trade, isolates Wash Sales, Constructive Sales, and Short Sales, totals for each quarter installment and annually for line 2 and 9, and column D to match your Brokers' 1099s, and prints the D-1 to attach to your D and 1040.
It's not quite ready for publication, but if you're interested e-mail us at d1@edcosoft.com and we will notify you when it is ready (hopefully before year end). ed

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Author: edrohr One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21851 of 121320
Subject: Re: How do I get all of my trades into my tax fo Date: 11/27/1999 10:17 AM
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Thanks, but I was hoping that I could down-load or export my account information from DATEK and some tax preparation software was able to import the data and generate the D1s. But thanks again.

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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: 21875 of 121320
Subject: Re: How do I get all of my trades into my tax fo Date: 11/27/1999 5:23 PM
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Thanks, but I was hoping that I could down-load or export my account information from DATEK and some tax preparation
software was able to import the data and generate the D1s. But thanks again.


If your DATEK info is in a form that you can copy and paste to a Excel 97 spreadsheet, our program will take that info. Maybe DATEK has a way of "exporting" it.

/Ed

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Author: BobStL One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21895 of 121320
Subject: Re: How do I get all of my trades into my tax fo Date: 11/27/1999 9:16 PM
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Edrohr - you have the same "problem" or situation that
those of us in the tax preperation industry have had,
the time consuming act of entering data into the sched
D on sales. I've known CPA's who stated "see attached
list" and attached it to the D, that's not what the
IRS wants - they want a COMPLETED sch D! It appears
that Edcosoft's co. has come up with something that
will solve the problem. When he has it nailed down
and I can go to his site and look at it, perhaps it'll come in handy for our tax preperation business. I hope! (you're not the only person spending hours doing the sch. D)
BobStL

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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: 21917 of 121320
Subject: Re: How do I get all of my trades into my tax fo Date: 11/28/1999 1:59 PM
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It appears
that Edcosoft's co. has come up with something that
will solve the problem. When he has it nailed down
and I can go to his site and look at it, perhaps it'll come in handy for our tax preperation business. I hope! (you're not the only
person spending hours doing the sch. D)
BobStL


It won't be on our website for at least another month, but I'll be advising anyone that e-mails us at d1@edcosoft.com when it is available on a pre-release for evaluation. We haven't made a dynamic demo yet. Cost will be $10 and payable only if you decide to use the program. We need some critical feedback from actual users and presume there are people who want the program as soon as possible.

The program is done, but just cleaning up the instructions. We will delay Web release for the Demo and until we put in some more enhancements, and would appreciate feedback, suggestions.

Without your e-mail address we can't notify you. We do NOT sell the list. Note, our website doesn't even have links nor advertising by others.

We would also like to sell through, or license it to, preparers to give to their client's on a floppy, either with, or without, the Wash Sale ability. Client puts in his transaction which preparer copies and pastes to preparers' file. Our program provides a total for Line 2 and Line 9 and prints out both parts of the D-1, so client or user must have his own tax program to compute the full D and 1040. ed

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