Tax Season (Opinions Wanted)

Try Gainskeeper. It can import from etrade and scottrade and intuit can import the report. - Shashi

i’ve used turbo tax before with over a thousand trades. you don’t have to hand write it, but you can’t file electronically…you have to do wash sales manually though, so gainskeeper or tradelog will help automate that part for you.

I have used TaxCut software for years. I can export a tax file from Scottrade & OptionsXpress and import into TaxCut. Both brokers support Gainskeeper directly on their website. Schwab on the other hand, does support file export for TurboTax but not TaxCut.

i used gainskeeper myself and my tax guy shed a tear of joy. You should look into it… i get it for free via tdameritrade, but i think it’s pretty cheap to buy.

wow very helpful info. does gainskeeper work for fidelity?

You should try Trade Accountant Pro (http://www.tradeaccountant.com/), It is a very robust program and will do your Schedule D with the press of a button.

Formerly ADD Trader

My wizetrade broker handles taxes for me.

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I used tradelog for several years as an individual trader. their software works great, at least with I.B. data.

I.B. also has profit/loss data in their monthly and yearly statements already. Why do you feel the need to itemize each trade on your own? just for wash sales?

I was told that each trade has to be inserted on the schedule D. Not just the profit/loss data. Is this correct?

if you enter the trades in by yourself, you will go mad and make mistakes. i used gainskeeper and it saves so much time and it’s accurate. Scottrade has gainskeeper for free. thank goodness.

I trade through Interactivebrokers and their year-end report gives you a complete breakdown stock by stock with totals of your short and long term capital gains, plus.interest and dividends received.
All I do is print it out and give it to my accountant and we declare the numbers as given by IB. I see no need to do any other work as IB has pretty much done it all for you already.

And, speaking of other brokers I have no idea why anyone would pay Scotttrade , Etrade and others their huge commissions when IB is so much cheaper for those trading in 100-300 share lots.
Someone has to explain to me why they would throw so much money down the drain to these ripoff brokers when they could be trading 100 shares for a 50 cent commission at IB.