Software for logging of trades for IRS purposes

  • Posted: 21 December 2010 06:58 PM

    I’m not day trading, but more of a swing trader, at least for a portion of my portfolio, but I’m finding it increasingly difficult to log my trades on schedule D/D1…

    It seems that there is software out there to assist.  Any recommendations?  Thanks much.

         
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    Posted: 21 December 2010 07:13 PM #1

    HammockGuy - 21 December 2010 10:58 PM

    I’m not day trading, but more of a swing trader, at least for a portion of my portfolio, but I’m finding it increasingly difficult to log my trades on schedule D/D1…

    It seems that there is software out there to assist.  Any recommendations?  Thanks much.


    Need more info. I do mine with H&R Block software. Please elaborate.

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  • Posted: 21 December 2010 08:13 PM #2

    mbeauch - 21 December 2010 11:13 PM
    HammockGuy - 21 December 2010 10:58 PM

    I’m not day trading, but more of a swing trader, at least for a portion of my portfolio, but I’m finding it increasingly difficult to log my trades on schedule D/D1…

    It seems that there is software out there to assist.  Any recommendations?  Thanks much.


    Need more info. I do mine with H&R Block software. Please elaborate.

    Sure. Software that that can have imported into it the transactions from our broker and log those on the schedule D for us?  It seems that an outfit called tradlog offers such.  Active day traders who do 100’s of transactions a day must have something, I would think…

         
  • Posted: 21 December 2010 08:44 PM #3

    My account at Fidelity allows direct download into Sch D in TurboTax on my Mac.  Maybe other brokers offer this?  You don’t need the costly version of TT - the lowest priced one works fine.  Fidelity also offers online 1040 etc. preparation but I would never trust them with all my personal data, so cannot comment.  To put this in perspective, my Sch D/D1 is usually over 30 pages.

         
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    Posted: 21 December 2010 08:46 PM #4

    I read somewhere that the IRS has imposed new rules on brokerages that go into affect this year, holding them responsible for reporting not only sales, like they have in the past, but all info to complete Sched.D, i.e. purchase price, lots, dates, wash sales.

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  • Posted: 21 December 2010 09:24 PM #5

    Thomaspin - 22 December 2010 12:44 AM

    My account at Fidelity allows direct download into Sch D in TurboTax on my Mac.  Maybe other brokers offer this?  You don’t need the costly version of TT - the lowest priced one works fine.  Fidelity also offers online 1040 etc. preparation but I would never trust them with all my personal data, so cannot comment.  To put this in perspective, my Sch D/D1 is usually over 30 pages.

    Thanks much, everyone.  I’ve had at most 7 or 8 pages, which I might have again this year…

    I’ll call my broker (TDA) to see what the possibilities might be.

         
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    Posted: 21 December 2010 10:07 PM #6

    macglenn - 22 December 2010 12:46 AM

    I read somewhere that the IRS has imposed new rules on brokerages that go into affect this year, holding them responsible for reporting not only sales, like they have in the past, but all info to complete Sched.D, i.e. purchase price, lots, dates, wash sales.

    Of course, compliance with regulations have costs, and they will be passed on to customers and/or shareholders of the brokerages.

    Thank God this Congress is coming to an end.

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    Posted: 21 December 2010 10:34 PM #7

    I’ve used TradeLog in the past - it did everything I needed including flagging wash sales.

         
  • Posted: 21 December 2010 10:45 PM #8

    AHHA - 22 December 2010 02:34 AM

    I’ve used TradeLog in the past - it did everything I needed including flagging wash sales.

    I did find TradeLog when doing a search…

    Once one owns it, is that person good to go?  What I mean by that, is there a limit to it being used for just one tax year, or to certain number of transactions?

    Thank you.

         
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    Posted: 22 December 2010 12:24 AM #9

    JDSoCal - 22 December 2010 02:07 AM
    macglenn - 22 December 2010 12:46 AM

    I read somewhere that the IRS has imposed new rules on brokerages that go into affect this year, holding them responsible for reporting not only sales, like they have in the past, but all info to complete Sched.D, i.e. purchase price, lots, dates, wash sales.

    Of course, compliance with regulations have costs, and they will be passed on to customers and/or shareholders of the brokerages.

    Thank God this Congress is coming to an end.

    WHY DOES EVERYTHING HAVE TO BE A POLITICAL COMMENT???

         
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    Posted: 22 December 2010 12:24 AM #10

    JDSoCal - 22 December 2010 02:07 AM
    macglenn - 22 December 2010 12:46 AM

    I read somewhere that the IRS has imposed new rules on brokerages that go into affect this year, holding them responsible for reporting not only sales, like they have in the past, but all info to complete Sched.D, i.e. purchase price, lots, dates, wash sales.

    Of course, compliance with regulations have costs, and they will be passed on to customers and/or shareholders of the brokerages.

    Thank God this Congress is coming to an end.

    WHY DOES EVERYTHING HAVE TO BE A POLITICAL COMMENT???

         
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    Posted: 22 December 2010 08:32 AM #11

    HammockGuy - 22 December 2010 02:45 AM
    AHHA - 22 December 2010 02:34 AM

    I’ve used TradeLog in the past - it did everything I needed including flagging wash sales.

    I did find TradeLog when doing a search…

    Once one owns it, is that person good to go?  What I mean by that, is there a limit to it being used for just one tax year, or to certain number of transactions?

    Thank you.

    Of note.  TradeLog is Windows only and is only good for a package of transactions.  There are many online services like this where you don’t even need any software.  A good one is GainsKeeper.

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    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.

         
  • Posted: 22 December 2010 04:28 PM #12

    macglenn - 22 December 2010 12:32 PM
    HammockGuy - 22 December 2010 02:45 AM
    AHHA - 22 December 2010 02:34 AM

    I’ve used TradeLog in the past - it did everything I needed including flagging wash sales.

    I did find TradeLog when doing a search…

    Once one owns it, is that person good to go?  What I mean by that, is there a limit to it being used for just one tax year, or to certain number of transactions?

    Thank you.

    Of note.  TradeLog is Windows only and is only good for a package of transactions.  There are many online services like this where you don’t even need any software.  A good one is GainsKeeper.

    Thanks much.  I actually saw GainsKeeper being offered on my broker’s (TDA) website.  It appears to be free, but I don’t see how it is able to populate the IRS schedule D & D1…  There’s mention of interface with something like TurboTax though.  I’ll call TDA now.  If anyone used GainsKeeper, as provided by TDA, do share your experiences…  Thanks.

         
  • Posted: 22 December 2010 07:48 PM #13

    HammockGuy - 21 December 2010 10:58 PM

    I’m not day trading, but more of a swing trader, at least for a portion of my portfolio, but I’m finding it increasingly difficult to log my trades on schedule D/D1…

    It seems that there is software out there to assist.  Any recommendations?  Thanks much.

    Depends on which online broker you use. I use OptionsXpress. OX offers an accredited tax form preparation feature called Gainskeepe. Depending on your trade volume it’ll cost nothing, or $25.

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  • Posted: 22 December 2010 07:50 PM #14

    macglenn - 22 December 2010 12:46 AM

    I read somewhere that the IRS has imposed new rules on brokerages that go into affect this year, holding them responsible for reporting not only sales, like they have in the past, but all info to complete Sched.D, i.e. purchase price, lots, dates, wash sales.

    OptionsXpresses’ Gainskeeper has met those requirements since 2006.

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  • Posted: 22 December 2010 07:56 PM #15

    Thanks guys!

    TDA’s Gainskeeper lacks this functionality…  Drat.

    I let them know that me and others would like this, especially with Prodigio on the way, which I’m playing with now actually.