rbaker
New Member
Member profile
Activity Feed for rbaker
- Posted Re: I am now classified as a "Securities Trader" job category for the IRS. What tax software works given there are different reporting requirements? on Get your taxes done using TurboTax. January 18, 2021 12:08 PM
- Posted I am now classified as a "Securities Trader" job category for the IRS. What tax software works given there are different reporting requirements? on Get your taxes done using TurboTax. January 16, 2021 4:24 PM
January 18, 2021
12:08 PM
Yes, when I explored this last year before I officially claimed the designation with the IRS, TurboTax did not treat Security and Option buy/sells as an item that one "inventories of merchandise" that one buys and sells, but rather treated securities in the classical sense. Trading is buying securities at one price and hoping to sell them at a higher price (buy side simplification) much like of the mythical "widget." I did not see that Turbo Tax could do that. It automatically stuck them in the wrong place. I forgot which schedule form that is. I get the download of transactions - and there will be over 1,000 over the course of 1 year. Where would all this things go? WHat form?
... View more
January 16, 2021
4:24 PM
I understand I need to "Mark to Market" the trading accounts and that there is NOT capital gains. I think all securities sales need to be recorded - I have over 1,000 transactions.
... View more
Topics: