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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121456  
Subject: Re: Schedule D-1...No brainer Date: 2/15/1999 1:55 AM
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[[Please help me out here. I have just spoken to the IRs and the confirmed for me
that I must fill in every single transaction I made on my D-1 form for short term
capital gains.]]

Basically correct. What they may not have told you was that you can use a "substitute" form that reports the transactions as long as it looks similar to the Sch D as it's laid out. Many people do this...they get it from their software that tracks their trades. You can too...if you have such software...and simply report the summary numbers on the Sch D...and then attach the backup sheets.

[[ Now my question that I forgot to ask was, "Do I round-off the
figures I enter or not?" For example if I bought stock at $1050.57 do I enter that
number or $1058. Do I round of the number at the end off the total of all my
Line one entries and not each individual line? I have about 100 entries and when
I round them all off the number of total sales I come up with is much more than
the number the E*Trade claims they reported to the IRS on my 1099 form for
my account.]]

If you round, you must round up or down...you can't just "truncate" the number (dropping off the cents completely). If the cents are $.50 or more, round up to the next dollar. If the cents are $.49 or less, round down.

After all is said and done, if you are a bit off of your brokers total (you really shouldn't be THAT far off if all of your numbers are correct), then just plug one of the sales to make your totals match the broker 1099B (and Uncle Sammy's computers). Nuttin to it.

TMF Taxes
Roy
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