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Author: chris319 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 121219  
Subject: Wash Sale Software Date: 2/12/2008 3:19 AM
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Any recommendations for software which calculates wash sales?

There is Gainskeeper but I don't like their pricing. When you purchase "trades" it is theoretically for one year; any unused trades expire after one year. The problem is, when you renew, the renewal term commences on the date you renew, not one year after your original purchase. For example, if you first purchase "trades" on March 1, 2007 and renew on February 1, 2008, the renewal will expire on February 1, 2009 instead of March 1, 2009. You thus lose one month. If you wait until February 15, 2009 to renew, you will lose any unused trades, thus there is a penalty for renewing ahead of expiration. Rip off.

There is Edcosoft's D-1 but it requires you to manually copy and paste shares for each security to calculate wash sales. This is not practical for active traders.

Thanks.
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Author: dusty2004 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 98591 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 7:23 AM
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How would any software calculate a wash if you do not enter in all the sales (date / security / shares / prices)?

Dusty

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 98593 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 7:34 AM
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How would any software calculate a wash if you do not enter in all the sales (date / security / shares / prices)?

I assumed the OP was looking for software that would download the raw data from the broker.

Ira

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Author: chris319 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 98598 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 11:36 AM
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How would any software calculate a wash if you do not enter in all the sales (date / security / shares / prices)?

I assumed the OP was looking for software that would download the raw data from the broker.


No, the raw data has already been downloaded and processed. I can provide any data field provided by my broker in any order, or I can match up lots and give it in D1 format (description, date, proceeds, basis, gain/loss). The data includes trades up to 30 days after 12/31/2007. The Edcosoft program requires that you copy and paste all of the D1 data for each ticker symbol onto a separate Excel sheet (the program itself is Excel based). With around 250 ticker symbols this is not practical.

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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: 98605 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 4:35 PM
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Actually, the Edcosoft D-1 progrm does NOT require each ticker symbol to be Pasted on separate worlksheets. You can copy/ paste all 250 (or more) trades for all your ticker symbols together in any order into the single D-1 entry set of cells. The program then sorts by ticker symbol so they are grouped for each symbol and the wash sales are determined for each symbol separately (naturally).

Before Pasting, however, the data must be in columns that include the ticker symbol, number of shares, a description if desired, buy and sell dates and amounts, and the program calculates gain/loss for each transaction. An additional notation is required for a same day closed short sale or certain options transactions.

The Edcosoft D-1 program does not automatically adjust uneven lots nor match buy/sell trades, nor make the wash sale adjustment to the replacement shares. These must be done manually,

ed

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Author: Hohum77 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 98606 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 4:50 PM
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No, the raw data has already been downloaded and processed. I can provide any data field provided by my broker in any order, or I can match up lots and give it in D1 format (description, date, proceeds, basis, gain/loss). The data includes trades up to 30 days after 12/31/2007. The Edcosoft program requires that you copy and paste all of the D1 data for each ticker symbol onto a separate Excel sheet (the program itself is Excel based). With around 250 ticker symbols this is not practical.

250 ticker symbols * 2 (Transaction round-trip) = at least 500 transactions

...Doesn't that qualify you as a trader?

http://www.irs.gov/taxtopics/tc429.html

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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: 98607 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 4:55 PM
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P.S. Sorry I misread the post. That's 250 different ticker symbols, not 250 trades, Chris had. The Edcosoft program will sort all 250 ticker symbols from its one input page if Excel can create that many sorts.

ed

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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: 98608 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 5:04 PM
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...Doesn't that qualify you as a trader?

Maybe it does, but he still has to complete Schedule D listing all of his trades. The only advantage of being a "trader" would be to take his expenses on Schedule C instead of Schedule A. He can avoid the Schedule D if he elects Mark-to-market accounting, which he evidently has not done.

ed

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Author: chris319 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 98609 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 6:17 PM
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The Edcosoft program will sort all 250 ticker symbols from its one input page if Excel can create that many sorts.

Right, but when calculating wash sales don't I still have to paste the transactions into the WASH sheet ticker symbol by ticker symbol? It would be a great boon if that process could be automated.

BTW, what is the current version of Edcosoft D-1?

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Author: chris319 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 98610 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 6:41 PM
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250 ticker symbols * 2 (Transaction round-trip) = at least 500 transactions

At least.

...Doesn't that qualify you as a trader?

I've looked into that. It is not my primary occupation and I saw little benefit to claiming trader status. For a while I tried daily trading, where positions are opened one day and closed the next, NOT to be confused with day trading where positions are opened and closed on the same day. I wasn't happy with the results of daily trading so I no longer do it.

I was happy with Gainskeeper (sorry, Ed) but their renewal policy just stinks.

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Author: chris319 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 98611 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 6:54 PM
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I downloaded the trial version of a program called Simply Track. The user interface was full of misspellings and broken English, and after carefully configuring the column layout and checking it several times, I was unable to get the program to import my transactions. I felt that if the quality control on the user interface were so lax, one has to wonder whether the actual wash sale calculations would be correct, so I passed.

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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: 98617 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 9:09 PM
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Right, but when calculating wash sales don't I still have to paste the transactions into the WASH sheet ticker symbol by ticker symbol? It would be a great boon if that process could be automated.

BTW, what is the current version of Edcosoft D-1?


When calculating wash sales? D-1 doesn't calculate wash sales, it FINDS them. To FIND wash sales you run the WASH Macro which sorts and gathers all trades of each ticker, and produces the wash sheet grouped by ticker, alphabetically with wash sales for each ticker identified. So, it IS automated. For more detail apply the FIND macro to a group of one ticker.

The current version.is 1.5.05 The program hasn't been changed since inception in 1998 except for a different D-1 layout by the IRS some years back. Before then there was no program to find wash sales.

ed

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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: 98619 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 9:19 PM
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I was happy with Gainskeeper (sorry, Ed) but their renewal policy just stinks.

No apology necessary. We never intended to compete with a program the size and complexity of G. Edcosoft is on your disk, about 1 meg (but it grows!) G is on the web and their server so they can do things no spreadsheet can attempt.

But who needs it? Edcosoft figured if you could find your wash sales you could get out of that ticker for a month at the end of the year and either trade something else or go to Aruba, so you didn't need to adjust anything. If you didn't catch them in time, for that one year you might have to make some adjustments, but by then G was here for those who need it.

Pricing was considerably different. Edcosoft is a one time registration fee--no renewals. there are other programs besides G for traders.

ed

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Author: chris319 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 98629 of 121219
Subject: Re: Wash Sale Software Date: 2/12/2008 11:54 PM
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To FIND wash sales you run the WASH Macro which sorts and gathers all trades of each ticker, and produces the wash sheet grouped by ticker, alphabetically with wash sales for each ticker identified. So, it IS automated.

I must've misunderstood the instructions. I'll try it again tonight.

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