Is it okay to attach Broker's document instead of filling out form 4797

[mdeodhar]

Hi

I am filing my taxes for the first time as  a securities trader. I know I am supposed to use form 4797 to report my trading activity.  Can I attach my broker's statement instead of filling out form 4797? I have read conflicting information on this subject but have not found any clear answer. Some people seem to prepare a worksheet and attach to the tax return and some have attached broker's statement.

Thanks

[DavidD66]

The Instructions for Form 4797 say to: 

"Attach to your tax return a statement, using the same format as line 10, showing the details of each transaction. Separately show and identify securities or commodities held and marked to market at the end of the year."

As long as your broker's statement has a format that is substantially the same as Form 4797, you can attach a copy of your statement.  

[fanfare]

"Is it okay ?"

it is the way specified in the instructions.

Form 4797 should show one line  "Trader - See attached" and your yearly totals.

your trading details are provided on separate sheets, as many as necessary.

@mdeodhar 

[fanfare]

Also take note of form 4797 Line 1a (one of the few fields that will take more than 10^7 dollars)

@mdeodhar 

[mdeodhar]

@fanfare

Trying to understand what you mean by your last statement. Line 1a on form 4797. Can you explain a little more?

Thanks 

[AbrahamT]

See HERE

Line  1a is the total amount that you are including from Line 2,10 or 20. What figure comes off on from that brokers statement.