Discussion:2005 Schedule D Instructions - Sch D-1

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{{ForumReplyPost|UserID=SJTaxGuy|Date=23 December 2005|Text=This is a real downer for clients having hundreds/thousands of transactions! It will be interesting to see if the IRS enforces this new requirement. It will also be interesting to see if clients will pay for entering all Schedule D transactions.}} {{ForumReplyPost|UserID=SJTaxGuy|Date=23 December 2005|Text=This is a real downer for clients having hundreds/thousands of transactions! It will be interesting to see if the IRS enforces this new requirement. It will also be interesting to see if clients will pay for entering all Schedule D transactions.}}
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 +{{ForumReplyPost|UserID=Mshelden|Date=December 23, 2005|Text=it would be nice to see a Broker give the clients a listing of their transactions on a schedule D-1 to begin with. You know, a substitute form that looks just like the IRS form, same info and columns etc. Of course, it would be impossible to get into the TR programs we use, so I guess it wouldn't matter. :)}}

Revision as of 15:16, 23 December 2005

Discussion Forum Index --> TaxAlmanac Feedback --> 2005 Schedule D Instructions - Sch D-1

Cpabakem (talk|edits) said:

21 December 2005
2005 Schedule D Instructions - Schedule D-1 (Page 6)

http://www.irs.gov/pub/irs-pdf/i1040sd.pdf

"You must enter the details of each trans action on a separate line. If you have more than five transactions to report on line 1 or line 8, report the additional transactions on Schedule D-1. Use as many Schedules D-1 as you need. Enter on Schedule D, lines 2 and 9, the combined totals from all your Schedules D-1.
Do not enter "see attached" and summary totals from an attachment in lieu of reporting the details of each transaction directly on Schedule D or D-1."

The first paragraph has been in the IRS instructions for years, but the second paragraph "Do not enter......... " is new for 2005.

There was quite a flurry a few years ago when the IRS National Office admitted their return offices were accepting returns not using the Sch D-1s in disregard of the instructions. Some even reported the totals saying "details on request" which was accepted. The Office did say that some of the material ones probably were audited

Milt Baker CPA

SJTaxGuy (talk|edits) said:

23 December 2005
This is a real downer for clients having hundreds/thousands of transactions! It will be interesting to see if the IRS enforces this new requirement. It will also be interesting to see if clients will pay for entering all Schedule D transactions.

Mshelden (talk|edits) said:

December 23, 2005
it would be nice to see a Broker give the clients a listing of their transactions on a schedule D-1 to begin with. You know, a substitute form that looks just like the IRS form, same info and columns etc. Of course, it would be impossible to get into the TR programs we use, so I guess it wouldn't matter. :)
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