Day trading…I have +150 pages of transactions…can I send the 1099 B substitute?
I have 3 trading accounts…the Tradeking account is easy…they have a Schedule D all filled out.
My other options account is simple because I started it in November of 07 and I can manually fill out a Schedule D.
Can I send Several Schedule D’s: one for TradeKing and another Schedule D for another brokerage account?
Now, my (former) day-trading account is complicated because I did thousands of transaction…I have the 1099 B, which lists the stock description, date, and NET PROCEEDS….but my Net proceeds come out to $88 million! and I am at a loss for the year so, it is not showing the net debit.
And this leaves me with my day trading account to deal with. I am just tempted to send the IRS all the broker-sent transactions on the 1099 (or even all the +150 pages of the actual transactions) and write a note saying I am at a loss for the year.
Will this idea work?
I have a similar idea, but this one WLL work:
In my tax software on the Schedule D, there is a line that says "Is a statement with stock sale detail being attached instead of entering detail?" "If yes, Form 8453 is required to be mailed to IRS when electronically filing."
That, my friend, is your solution!
I had tons of options, too, but just sucked it up. I sent it in early – if I did it again, I would just send in Form 8453 and call it a day! Otherwise it is WAY too much trouble and WAY too time-consuming! (As you know!)
Here is a PDF of the Form AND the instructions.
http://www.irs.gov/pub/irs-pdf/f8453.pdf
Regards!
I have a similar idea, but this one WLL work:
In my tax software on the Schedule D, there is a line that says "Is a statement with stock sale detail being attached instead of entering detail?" "If yes, Form 8453 is required to be mailed to IRS when electronically filing."
That, my friend, is your solution!
I had tons of options, too, but just sucked it up. I sent it in early – if I did it again, I would just send in Form 8453 and call it a day! Otherwise it is WAY too much trouble and WAY too time-consuming! (As you know!)
Here is a PDF of the Form AND the instructions.
http://www.irs.gov/pub/irs-pdf/f8453.pdf
Regards!
References :
I am a CPA, form is from IRS website