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You might want to take a look at Tradekeeper at
http://americanware.netfirms.com/. It will download your broker's data and
create your Schedule D.
On Tue, 28 Jun 2005 13:29:22 -0400, Steve Dugas <sjdugas@xxxxxxxxxxx>
wrote:
> Thanks Sid, this is all good stuff to know. I have been doing Sched D by
> hand the last few years. It was getting out-of-hand anyway, and now with
> 2 brokers, it is a good time to find a better way. I have an OEM version
> of MS Money on my computer - I guess it is time to figure out what I can
> do with it. Anyone find MS Money useful for this?
>
> Steve
> ----- Original Message -----
> From: Sidney Kaiser
> To: amibroker@xxxxxxxxxxxxxxx
> Sent: Tuesday, June 28, 2005 12:40 PM
> Subject: Re: [amibroker] OT - Tax Q - Sched D
>
>
> FWIW...
> I filed as a trader for several years and was audited 3 different
> times. The IRS hates sch Cs that show all expenses and no income. :(
> Net score me 2, IRS 1, for a couple hundred dollars.
>
> I keep every individual tax lot in Quicken with integrated downloads
> from several brokers and some lots entered manually. I use Tax Cut for
> Fed and State taxes. I also never found a CPA that was worth a damn.
>
> With that as background, here is what I do: I never fill out the sch
> D forms for individual trades, all I enter is two summary lines with
> total buys, total sales, net profit/loss for LT and ST and a note that
> details are available on request. The IRS never had a problem with
> that. They have all the trade info from my brokers anyway, and if there
> was a question on any individual trade I would just supply documentation
> for that. They will want copies of the confirmations in that case so
> the individual entries on the sch D are not used anyway.
>
> I have found if you keep complete records, treat it like a real
> business and don't try to cheat, there is quite a bit of flexibility on
> the part of the IRS when it comes to presentation on the tax forms.
>
> Still audits are a real PITA because of the time and effort involved
> coming up with the documentation especially if you end up with a poorly
> qualified examiner that is just trying to get through his day and wants
> to cover his butt by appearing to be thorough.
> Cheers
> Sid
>
> At 09:58 PM 6/27/2005, you wrote:
>
>
> Hi Steve,
> The short answer: AFAIK, the IRS doesn't require you to list trades
> by brokerage, just the list the individual trades with purchase amount
> (basis) and sale price to show profit (loss) plus holding period and the
> total proceeds on the Sch D. The Sch D is supposed to match the total
> from all Sch D-1s and the 1099s provided by your brokerage. That said,
> here's what I have been doing for many years.
> The longer answer: Years ago I built my own Excel spreadsheet for
> tracking trades, partly to stay on top of quarterly estimated tax
> payments and for Sch D purposes and partly to monitor my trading
> (win-loss ratios, profitability, ROI, trade duration, that sort of
> thing). The spread sheet has separate sheets for each account and a
> summary collection sheet with linked cells for the gross and net figures
> from each brokerage by quarter and end of year. So in many ways, it
> functions like (what I understand) Gainskeeper does, just I have more
> manual data entry (well, actually download and paste from the
> brokerages), but more flexibility and info for my use.
> But when I file, I reflect the summary totals of all accounts on the
> Sch D, and complete as many Sch D-1 pages (I have used Turbo tax to
> generate these) as necessary to list all my trades chronologically
> without regard to what brokerage account they came from. Because I
> generally have short positions held at year end (and I've not elected
> MTM status), I always attach an explanation as to why the brokerage 1099
> totals do not match the total I am reporting (which is less). I note
> that I have multiple brokerage accounts and multiple 1099s, that the
> figures on the Sch D are the totals for all brokerage activity less the
> hold over short sales which have not realized a gain or loss as of the
> end of the tax year and I detail (format like a Sch D-1) the short
> positions that are open to show that if their "sales" were added to my
> Sch D figures, the brokerage 1099's and this figure would be in
> agreement. This letter also accounts for any other matters that I think
> might raise a question and notes what happened (e.g., multiple wash
> sales in one security, long term sales from any of the investment
> accounts in a security I also traded, etc.). I used to provide the
> spreadsheet with my tax return as well, but for the past 4 or 5 years
> I've simply stated in the letter that I also have an accounting for all
> trades by brokerage, as well as confirm slips/monthly statements should
> they be needed for review. I've never been asked for them (nor audited
> for that matter - knock on wood), but then that may be a function of the
> number of Sch D-1 pages I submit and the detail included in the rest of
> my return on several Sch Cs (other businesses) and E's (partnerships,
> rental properties) 2 Sch Fs (farming income) and other activities
> convinces whomever that I can back up what I report. In any event, I
> don't try to push the tax envelope either, I could probably deduct more
> items here and there, but every thing is easily proven and I always keep
> an envelope of "Oh what about these?" things each year in case I ever do
> get audited. I have heard of folks who say they just provide the
> spreadsheet and the summary on the Sch D, but what I've done seems to
> work and why mess with something if it ain't broke.
> And yes, I do my own returns (I haven't found a CPA that adequately
> understood all the facets of my activities). Suffice to say as well, I
> don't try to file electronically. And for anyone reading, this isn't
> tax advice, get your own lawyer, CPA or do your own research -- you're
> on your own.
> Peace and Justice --- Patrick
>
> ----- Original Message -----
>
> From: Steve Dugas
>
> To: amibroker@xxxxxxxxxxxxxxx
>
> Sent: Monday, June 27, 2005 4:17 PM
>
> Subject: Re: [amibroker] TC2000/TCNet/TC2005 and QP
>
>
> Hi Patrick - a quick question if I may:
>
>
>
> How do you reconcile Schedule D's when you have multiple brokers?
> I have multiple accounts this year for the first time. Both offer
> Gainskeeper ( free online version I guess ), but I am wondering what is
> the best way to combine them into one Sched D. Thanks very much!
>
>
>
> Steve
>
> ----- Original Message -----
>
> From: NW Trader
>
> To: amibroker@xxxxxxxxxxxxxxx
>
> Sent: Saturday, June 25, 2005 2:00 AM
>
> Subject: Re: [amibroker] TC2000/TCNet/TC2005 and QP
>
>
> Hi Bob,
>
>
>
> It's been a while since we've exchanged many thoughts, I hope
> you are well. What keeps you going back to QP?
>
>
>
> Actually I've had both for years, along with multiple RT feeds
> as well. I'm sort of a belt and suspenders trader - most everything is
> backed up or has an alternative (computers, data feeds, brokerages,
> broadband and ISPs, even power with a generator system as I live in the
> country). IMHO, they complement each other -- each with different
> strengths and weaknesses. I'll try to summarize both.
>
>
>
> The Pros:
>
>
>
> QP has more fundamental fields exposed to AB in their API -- I
> particularly like having float info (I still use a variant of the Rich
> E's old PTATR for one exploration). And at least until recently (I mark
> it more or less with Janene's departure), the stock data had fewer
> errors and when it did was corrected quicker. Originally it ran much
> faster in AB and as I first started with it, I had a predisposition for
> it's scanning capability. If you use mutuals (I don't for timing or
> otherwise), they are included with in a subscription.
>
>
>
> TC has intraday updates (I run several boxes while trading)
> albeit delayed, so I if I wish, I can then quickly run AB AAs on an
> entire database, not the several hundred at a time from eSignal. And
> they have their media general groups (like the industry monitors in QP),
> but listed within the sector so relative strength comparisons are much
> easier than building and maintaining composites.
>
>
>
> The Cons:
>
>
>
> The QP data base (as I seem to recall you also complaining) is
> far from clean -- I update my AB databases from the external ones each
> weekend and then clean up inactive tickers -- QP generally has hundreds
> whereas TC has a dozen or so. I've spoken often to tech support at QP
> about this, and the are always "surprised" by the number (I've sent them
> lists) and promise to look into it, but nothing changes and a new disk
> (with a current database) doesn't change the bad tickers. [In fact I
> spoke to them today again.] And while I don't use mutuals funds, I
> understand that they often fail to account for distributions and
> dividends promptly.
>
>
>
> When there is a data problem with TC, they can take weeks to
> correct it. The program itself is something of a kludge of you are into
> writing your own indicators, and of course you have to deal with the
> idiosyncrasies of the Wordens (like, no ADX until just recently because
> they didn't think it had merit, still no CCI, ATR, etc.). True, with
> the most recent versions your can write your own custom indicators, but
> ADX is not one of them and ATR is impossibly long (over 30 steps for an
> ATR(10) ). And while there is some additional fundamental info in their
> database, it isn't available via the API. Mutual funds are an added
> subscription cost.
>
>
>
> The upshot:
>
>
>
> I'm in my 5th year with AB and long ago came to regard both TC
> and QP as merely end of day data feeds for AB. If I could find another
> data vendor that had the strengths of each, and perhaps not the
> weaknesses, I'd switch and probably quit. I run my end of day
> scans/exploration for watchlists on these databases (also verify data
> integrity between the two), but for trading I'm watching the RT data
> feeds - eSig, QuoteTracker fed by Prophet Finance, PCQuote, and
> brokerage streamers. I had IQ feed for a while but found it was too
> dirty and erratic. With the merger of Waterhouse and Ameritrade, I'll
> probably close one account and open an IB account (when Ameritrade got
> Datek, my account there got big enough and I added eTrade). With whom
> are you trading, any thoughts or recommendations?
>
>
>
> Best wishes, and good trades.
>
>
>
> Peace and Justice --- Patrick
>
> ----- Original Message -----
>
> From: Bob Jagow
>
> To: amibroker@xxxxxxxxxxxxxxx
>
> Sent: Friday, June 24, 2005 7:41 PM
>
> Subject: RE: [amibroker] Re: New, fixed TC2000/TCNet/TC2005
> data plugin
>
>
> I didn't realize that you used TC2000x, Patrick.
>
>
>
> Since I've tried it a few times, but always went back to
> QPlus, could you spell out why you picked it, given that you also have a
> RT feed?
>
>
>
> Regards,
>
> Bob
>
>
>
>
>
> Please note that this group is for discussion between users only.
>
>
> To get support from AmiBroker please send an e-mail directly to
>
> SUPPORT {at} amibroker.com
>
>
> For other support material please check also:
>
> http://www.amibroker.com/support.html
>
>
>
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> To get support from AmiBroker please send an e-mail directly to
>
> SUPPORT {at} amibroker.com
>
>
> For other support material please check also:
>
> http://www.amibroker.com/support.html
>
>
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> To get support from AmiBroker please send an e-mail directly to
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>
> For other support material please check also:
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>
>
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