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Posted by Kevin on January 14, 2008, 11:34 am
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There are five rows on each 1040 Schedule D to report
short term capital gains and losses. Do I have to use ten
of the forms to report near 50 transactions? or is there
any other form (or composed by myself) to report more
transactions on one page?
Thank you,
-Kevin
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Posted by joetaxpayer on January 14, 2008, 11:42 am
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Kevin wrote:
> There are five rows on each 1040 Schedule D to report
> short term capital gains and losses. Do I have to use ten
> of the forms to report near 50 transactions? or is there
> any other form (or composed by myself) to report more
> transactions on one page?
Schedule D states "Use Schedule D-1 to list additional transactions for
line 1 and 8."
Alternately, a check box permits you to choose, "check if attaching
statement(s) with stock transaction details instead of entering each one
separately."
Tax software will create the D-1 as it sees you enter that many
transactions.
JOE
www.blog.joetaxpayer.com
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Paul Thomas, CPA on January 14, 2008, 11:43 am
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> There are five rows on each 1040 Schedule D to report
> short term capital gains and losses. Do I have to use ten
> of the forms to report near 50 transactions? or is there
> any other form (or composed by myself) to report more
> transactions on one page?
Yup. There's a schedule page called "D-1". It's an overflow page which
attaches to Schedule D. If you use software, it should form automatically.
--
Paul A. Thomas, CPA
Athens, Georgia
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by removeps-groups@yahoo.com on January 14, 2008, 3:54 pm
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> There are five rows on each 1040 Schedule D to report
> short term capital gains and losses. Do I have to use ten
> of the forms to report near 50 transactions? or is there
> any other form (or composed by myself) to report more
> transactions on one page?
There is a continuation form Schedule D1 with space for about 50 short
term (on page 1), and 50 long term (on page 2).
If you have more transactions, I'm guessing that it is also OK to spit
out an Excel spreadsheet (or HTML table) with the same column headings
as Schedule D/D1 -- say your 150 short term gains, and then your 60
long term gains.
Also, I had over 80 short term gains and losses from currency trades
and summarized them on one line as such "80 trades at forex.com", cost
basis "0", sale price "-700.00". forex.com does not have records of
the cost basis of my trades; they only have the net gain/loss.
Anyway, I don't think this is the correct approach, but the net gain/
loss is correct.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Rich Carreiro on January 14, 2008, 4:42 pm
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> Also, I had over 80 short term gains and losses from currency trades
> and summarized them on one line as such "80 trades at forex.com", cost
> basis "0", sale price "-700.00". forex.com does not have records of
> the cost basis of my trades; they only have the net gain/loss.
They don't but you do (or should). It's your responsibility,
not your broker's, to track the cost basis of your trades.
> Anyway, I don't think this is the correct approach, but the net gain/
> loss is correct.
You're right, it's not the correct approach. The correct approach
is to list each sale individually (i.e. if you have multiple
purchases that were sold in a single sale, you only have to have
one line).
--
Rich Carreiro rlc-news@rlcarr.com
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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