Discussion:Reporting detailed sales on schedule D

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Discussion Forum Index --> Basic Tax Questions --> Reporting detailed sales on schedule D


Discussion Forum Index --> Tax Questions --> Reporting detailed sales on schedule D

Taxation63 (talk|edits) said:

2 October 2010
I have seen alot of 1099-B activity in my time. Usually not too many sales. (1-75)

I have a client who has 700-800 individual stock sales through smith barney. Smith Barney provides all the details of the transactions in their 1099 year end info (basis, date acqd/sold, name of stock, amount of gain/ and short term/long term etc. Can I use their final summary numbers for short and long term gain on schedule D, and make copies of smith barney detail and attach to return rather than take several hours and report all individual sales?

Kevinh5 (talk|edits) said:

2 October 2010
Schedule D reporting via broker summary

Death&Taxes (talk|edits) said:

2 October 2010
There are a number of discussions on this. Here is one

Discussion: Schedule D and Statements

Note the change in IRS instructions after 2005

Harry Boscoe (talk|edits) said:

2 October 2010
Whine alert.

My client's got a mid-six-figure capital loss carryforward from the collapse in '02. She and I "know" this loss will cover any capital gains she's likely to have for the rest of her life. So how much effort should I put into gathering and computing all the details of her capital gains and losses, each year, anymore?

For example, I used to totally obsess about her wash sales and average-versus-FIFO basis calculations. And short- vs. long-term gains.

Who cares? The whopping huge loss carryover will completely bury any possible miscalculations that I make in entering this stuff on Schedule D.

May I now be relieved, please, of the burden of doing all the nitpickingly obsessive detail stuff like allocating part of her basis to the 0.0245 fractional share sales proceeds of Whatever, Inc.? Please?

Kevinh5 (talk|edits) said:

2 October 2010
Why bother to distinguish between types of expenses on Sch C, Harry? They're all deductible. Just enter the total "All expenses" on the 'other' line and don't bother separating the office supplies from the rent from the insurance, etc.

In fact, just total all income and put it on the 1040 line 21. Don't bother separating the wages from the interest or the capital gains. It's all taxable.

Save your time for more PBR. You can have some cheese with either my beer or your whine.

Death&Taxes (talk|edits) said:

2 October 2010
You're okay, Harry, as long as you don't ramble.....but remember, if you charge by the line think of the money you'll make....or better, translate it to bottles of PBR.

Harry Boscoe (talk|edits) said:

2 October 2010
It's a .. uh y'know like a I mean .. it's only a *barter* deal anyway... services for services.

I know she's not reporting the income for the tax preparation, and I wouldn't think of reporting the value of .. uh .. what she does for me, so y'know it's like who's gonna know anyway...

Maybe I'm rambling. Where's Rosco, anyway?

Kevinh5 (talk|edits) said:

2 October 2010
Louisiana, I believe.

Death&Taxes (talk|edits) said:

2 October 2010
While you are at it, ignore the " unrecaptured Section 1250 gain rules" too.....why burden yourself with thought....reduce taxes to a sound bite.

Kevinh5 (talk|edits) said:

2 October 2010
y

Harry Boscoe (talk|edits) said:

2 October 2010
Seems like a good idea. Any "unrecaptured Section 1250 gain" on her return will go to zero when it's netted against her huge capital loss, n'est-ce pas, mon vieux?

Belle (talk|edits) said:

October 2, 2010
You guys obviously don't have any returns that have to be done by October 15th......wanna come help me? I have whine wine (red or white - it is California), tequila (sipping and margherita making kinds), Irish Mist (anyone have a clue on that one), etc. No PBR - but the store is only moments away.

Belle (talk|edits) said:

October 2, 2010
Oh, ps. I'm finishing up three that have that long Sch D issue; will be doing the F 8453 route. One with more than $ 150,000 in capital losses....so I understand your point, Harry.

Kevinh5 (talk|edits) said:

2 October 2010
Belle, http://www.youtube.com/watch?v=BeyEGebJ1l4&playnext=1&videos=r4mjAYWzNKU&feature=mfu_in_order

Belle (talk|edits) said:

October 2, 2010
Now that made me smile. Thanks Kevin. I'm about to head home - BIG football game tonight (you know I'm from the South)
 ROLL      TIDE   ! ! ! !

Kevinh5 (talk|edits) said:

2 October 2010
Belle, this was popular back when I attended Alabama in 1982: http://www.youtube.com/watch?v=0Hq9wfYb13U&feature=related

I was there when he went 315 to become the winningest college football coach ever!

Levg79 (talk|edits) said:

4 October 2010
To answer the original question, Smith Barney is a big company. They can easily provide an excel spreadsheet of realized activity and you can just import it into your tax software. I have numerous clients that have hundreds of schedule D transactions. Importing an excel spreadsheet into the software takes no more than a couple of minutes and then you have everything in there ready to go. Just tell your client to download a spreadsheet from Smith Barney and forward it to you. You'll be done in no time.

Leo.

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