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Posted by NadCixelsyd on June 26, 2007, 12:19 am
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Thanks to my broker, I had about 200 capital gain
transactions last year. They were computer sumarized as to
the gain/loss for each sale but they were listed on 14 pages
of computer print out: 13 pages of short term transactions
and one page of long-term.
When I did my taxes over the weekend, I just put four lines
on my schedule D: short term gain, short term loss, long
term gain, and long term loss. Each line was the total of
each category as provided by my broker. I then wrote, "SEE
ATTACHED DETAIL" and included copies of the 14 computer
pages.
How should I have done it? Am I gonna get a nasty note from
the boys at the service center?
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Posted by Allan Martin on June 27, 2007, 10:54 pm
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> Thanks to my broker, I had about 200 capital gain
> transactions last year. They were computer sumarized as to
> the gain/loss for each sale but they were listed on 14 pages
> of computer print out: 13 pages of short term transactions
> and one page of long-term.
>
> When I did my taxes over the weekend, I just put four lines
> on my schedule D: short term gain, short term loss, long
> term gain, and long term loss. Each line was the total of
> each category as provided by my broker. I then wrote, "SEE
> ATTACHED DETAIL" and included copies of the 14 computer
> pages.
>
> How should I have done it? Am I gonna get a nasty note from
> the boys at the service center?
No you should not get a letter, the method you used is
acceptable. This past tax season one of my client's brokers
was able to e-mail me a file with the year's regonized
capital gains and losses. It only took about two minutes to
arrange the schedule in a manner to my liking in Excel.
<< ------------------------------------------------------- >>
<< 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 (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by rick++ on June 27, 2007, 10:54 pm
Please log in for more thread options Schedule 1040D1. 25 line continuations for STG and LTG.
Add as many as needed.
<< ------------------------------------------------------- >>
<< 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 (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Bill Brown on June 27, 2007, 10:54 pm
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> How should I have done it? Am I gonna get a nasty note from
> the boys at the service center?
I presume you're asking at this point in time out of idle
curiousity.
The IRS has a strong preference for the attached detail to
present the transactions in a specific format very similar
to the format on Schedule D (Schdule D-1 comes to mind).
What their reaction is to other formats probably depends on
some IRS employee's mood at the time.
How about letting us know if you do get any reaction at all from the
IRS.
<< ------------------------------------------------------- >>
<< 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 (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by ed on June 27, 2007, 10:54 pm
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> Thanks to my broker, I had about 200 capital gain
> transactions last year. They were computer sumarized as to
> the gain/loss for each sale but they were listed on 14 pages
> of computer print out: 13 pages of short term transactions
> and one page of long-term.
>
> When I did my taxes over the weekend, I just put four lines
> on my schedule D: short term gain, short term loss, long
> term gain, and long term loss. Each line was the total of
> each category as provided by my broker. I then wrote, "SEE
> ATTACHED DETAIL" and included copies of the 14 computer
> pages.
>
> How should I have done it? Am I gonna get a nasty note from
> the boys at the service center?
Your broker's statements were probably in a format similar
enough to the Schedule D-1 that the IRS has no reason to
complain that they didn't get enough informaion. (Item
description, date of purchase, date of sale, cost, sale
proceeds and Profit/loss). However, your broker probably
did not isolate wash sales so you could offset those losses
with wash sale adjustments, and for that you can expect some
inquiry from the IRS.
You only needed two line entries on Schedule D, combining
gains and losses for short term on line 2, and long term
transactions on line 9 of Schedule D.
You should find any wash sales on your broker's statements
and make appropriate correcting entries. (unless you use a
program to find and adjust them)and report on line 2 or 9
the adjusted amounts.
ed
<< ------------------------------------------------------- >>
<< 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 (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
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