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Thank you Patrick - very informative!
Steve
----- Original Message -----
Sent: Tuesday, June 28, 2005 12:58
AM
Subject: Re: [amibroker] OT - Tax Q -
Sched D (New Thread: was TC2000/TCNet/TC2005 and QP)
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 -----
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 -----
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 -----
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
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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
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
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:
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