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Subject Author Date
What info is necessary on a Scheule C? Taxlover 02-28-2008
Posted by Taxlover on February 28, 2008, 12:55 pm
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 I just changed from Wachovia to Fidelity.

With Wachovia they divided up capital gains between long term and short term
and gave total purchase price and total sale price for each. I entered them
as two entries, Wachovia Long and Wachovia short,(using TaxCut) with "var-l"
or "var-s" as the purchase date and 12/31/06 as the sale date. I then
attached a copy of the detail I got from Wachovia to the Schedule C. I have
done that for about 6 years now and the IRS hasn't complained.

Fidelity doesn't give that information. They list all the sales divided by
long or short; but give only the total gain, not the total purchase and sale
prices.

Can I use the same system I used for Wachovia, but say purchase price was
"0" and the sale price was my capital gain? It comes out the same as if I
gave the actual total purchase and sale prices.

This might sound petty, but I have about 1000 transactions and having to add
them all up just to get information that is of no use will be very tedious.

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Posted by Allan Martin on February 28, 2008, 1:32 pm
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>I just changed from Wachovia to Fidelity.
>
> With Wachovia they divided up capital gains between long term and short
> term and gave total purchase price and total sale price for each. I
> entered them as two entries, Wachovia Long and Wachovia short,(using
> TaxCut) with "var-l" or "var-s" as the purchase date and 12/31/06 as the
> sale date. I then attached a copy of the detail I got from Wachovia to
> the Schedule C. I have done that for about 6 years now and the IRS hasn't
> complained.
>
> Fidelity doesn't give that information. They list all the sales divided
> by long or short; but give only the total gain, not the total purchase and
> sale prices.

Call up Fidelity and request the information you need. Many brokers make
available CSV files with infomation that can be imported in Excel and
formatted rather quickly in a maner suitable for attachment to Federal and
State Returns. Many also provide year end investment reports with the
information needed in the format required.



>
> Can I use the same system I used for Wachovia, but say purchase price was
> "0" and the sale price was my capital gain? It comes out the same as if I
> gave the actual total purchase and sale prices.

No, IRS is looking to tie in gross proceeds which is the number reported to
them.


>
> This might sound petty, but I have about 1000 transactions and having to
> add them all up just to get information that is of no use will be very
> tedious.
> --
> << ------------------------------------------------------- >>
> << 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. >>
> << ------------------------------------------------------- >>

--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

Posted by Taxlover on February 29, 2008, 1:02 pm
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> Call up Fidelity and request the information you need. Many brokers make
> available CSV files with infomation that can be imported in Excel and
> formatted rather quickly in a maner suitable for attachment to Federal and
> State Returns. Many also provide year end investment reports with the
> information needed in the format required.
>
I went on line and found a report that had the sale price totals broken down
by long and short term, so that was pretty much what I needed.
Thing is, the gain wasn't the same as that reported on my paper 1099.
I called to ask customer service about it; they looked it up and found their
system had a third value for gain!
So, I have no idea what they reported to the IRS; the number on my 1099, the
number on the online 1099, or customer service's 1099. Hopefully they will
sort it out before 4/15.
The dividend and interest figures were consistant; that is something.

--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

Posted by Taxlover on February 28, 2008, 4:51 pm
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I meant to say "Schedule D", not C.

--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

Posted by joetaxpayer on February 28, 2008, 5:01 pm
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Taxlover wrote:
> I just changed from Wachovia to Fidelity.
>
> With Wachovia they divided up capital gains between long term and short term
> and gave total purchase price and total sale price for each. I entered them
> as two entries, Wachovia Long and Wachovia short,(using TaxCut) with "var-l"
> or "var-s" as the purchase date and 12/31/06 as the sale date. I then
> attached a copy of the detail I got from Wachovia to the Schedule C. I have
> done that for about 6 years now and the IRS hasn't complained.
>
> Fidelity doesn't give that information. They list all the sales divided by
> long or short; but give only the total gain, not the total purchase and sale
> prices.
>
> Can I use the same system I used for Wachovia, but say purchase price was
> "0" and the sale price was my capital gain? It comes out the same as if I
> gave the actual total purchase and sale prices.
>
> This might sound petty, but I have about 1000 transactions and having to add
> them all up just to get information that is of no use will be very tedious.

Nope. The IRS gets the total sale details. If it doesn't match what you
claim, you are raising a very fast red flag. It's cost that brokers
don't all track yet that you are resposible to track on your own. If I
worked for the IRS, I'd suggest that brokers have to tack the purchase
price along with number of shares bought, and transfered shares have to
have this info follow. Just my two cents on that.
JOE
www.blog.joetaxpayer.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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