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Author: mdhirz Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Sch D instructions online? Date: 2/27/2003 10:39 PM
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can't find 'em at irs.gov?

are stocks 'required' to be listed alphabetically on D?

and how to do the 'wash sales'?

only have 'capital losses' this year-novice at this

thanks,
mike
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Author: RoseSmeller One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 64148 of 121565
Subject: Re: Sch D instructions online? Date: 2/27/2003 11:24 PM
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Schedule D instructions are at http://www.irs.gov/pub/irs-pdf/i1040sd.pdf

You can list your stock sales in any order at all.


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Author: TMFDj111 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 64151 of 121565
Subject: Re: Sch D instructions online? Date: 2/28/2003 6:39 AM
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only have 'capital losses' this year-novice at this

I know there are people who disagree with me on this point, but I think the Schedule D is a difficult form to complete. It's tedious, with lots of opportunities for entry errors and math errors.

I recommend you choose one of the tax prep software packages to help you complete your return. The packages will help you to avoid most of the more obvious errors. I have an emotional attachment to Turbo Tax, but all the packages are good.

Additionally, you mentioned the Schedule D is new to you. The tax code is voluminous, complicated, and labyrinthine. Doing your own taxes when all you have is W-2s and a standard deduction is one thing. I think any time taxpayers enter new areas of the tax code, they should consult a tax professional. In many cases taxpayers will earn back the tax professional's fees in taxes they won't overpay or aggravation they won't have.

David Jacobs
TMFDj111

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Author: lorenzo2 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 64152 of 121565
Subject: Re: Sch D instructions online? Date: 2/28/2003 7:18 AM
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Doing your own taxes when all you have is W-2s and a standard deduction is one thing. I think any time taxpayers enter new areas of the tax code, they should consult a tax professional.

With all due respect, baloney! Certainly there are some situations in which you might be well advised to use a pro: sale of rental property, business/partnership interests (except for C-EZ), and certainly estate returns. There's no reason that a homeowner (which generally means itemized deductions) who owns stocks and mutual funds (Sch D) can't do his own return.

As for Sched D, it's pretty straightforward, provided you have all the proper basis records. (If you don't, it can be a nightmare - but that's not the fault of the tax form, it's your fault for not keeping good records.) Admittedly, there are some situations (wash sales, short sales, options, straddles) that are a bit complicated, but those are far from routine for most investors. And I think most of the complexity of investment-related taxes is not due to the IRS but to the companies you invest in. Spinoffs, takeovers, and assorted accounting tricks can lead to a lot of headaches for the unlucky shareholder. Who has not cringed to read that smarmy comment buried in an inch-thick mailing from one of the companies in which you hold stock: "This is not tax advice. Consult your personal tax advisor." Idiots.

Ok, the back of Sched D is pretty poor, where you calculate taxes using capital gains rates. But that's much improved from what it once was. Anyway, just follow the instructions, don't try to figure out what they're doing.

Lornezo, a little vented now

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Author: mdhirz Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 64178 of 121565
Subject: Re: Sch D instructions online? Date: 2/28/2003 7:44 PM
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thanks for the responses
<why the heck can't you search for 'Sch D instructions' and get a 'hit'?-anyway -the link gets there-great help RoseSmeller.>

seems easy enough-Scottrade suplies 'buys' and 1099 has 'sales'
just do the 'math' (wash sale rules not to dificult).....should be Ok,

so i make a mistake?- i don't 'owe' anything-i've made errors before and simply get a 'correction' from IRS ......has actually been to my advantage....What can go wrong?

pollyanna mike!

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Author: kentm401 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 64369 of 121565
Subject: Re: Sch D instructions online? Date: 3/7/2003 1:36 PM
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Yupper Lorenzo's got it right here....

With all due respect, baloney! Certainly there are some situations in which you might be well advised to use a pro: sale of rental property, business/partnership interests (except for C-EZ), and certainly estate returns. There's no reason that a homeowner (which generally means itemized deductions) who owns stocks and mutual funds (Sch D) can't do his own return.


D's no more then a "fly on the wall" at tax time for the traders I know keeping thier own spreadsheets.

Service will even accept a properly formated spreadsheet in liu of a D.

No reason the occassional trader one time filer can't do his own.

KBM (presently working on one with 275 entries)

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