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me too. At first, when I was doing my own, I did the whole 10 pages of Sked
D. But now, I have it all reviewed by an accountant. He advised - do
exactly what Alex advises. just report the account net p&l for each trading
account with a note to see attached broker statements. IRS agents have to
be pretty sure they are going to get enough increase in taxes from you to
warrant their labor cost in going thru all the detail - they know that is
unlikely for active trader accounts - so they tend to turn a blind eye.
Note: there is different accounting for hedges and straddles etc which I
also ignore, and I am assured that IRS agents will also ignore for the same
reasons.
daver
----- Original Message -----
From: "Alex Matulich" <alex@xxxxxxxxxxxxxx>
To: "countachl" <countachl@xxxxxxxxxxx>
Cc: <omega-list@xxxxxxxxxx>
Sent: Tuesday, July 22, 2003 9:44 PM
Subject: Re: Monster Returns
> >Does anyone file returns with 20-30 pages of Schedule D's ?
> >I figure 1000 trades should be about 30 pages.
>
> What I do is put one line in my Schedule D, showing my net profit or
> loss for the year, with a note to see the attachment. I attach my
> broker's annual summary for the year. Don't know how kosher that
> is, but the IRS has never complained.
>
> -Alex
>
>
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