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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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