500 Transactions on 1099-B

[David1980]

My program has a worksheet for multiple transactions. taxea

I think most do, but it can be tedious entering 500 transactions. (Of course, most broker statements I've seen aren't in the right format anyway and going through does help to discover wash sales & "no basis" sales.)

[Lion]

Accepted !!!

Both the Feds and CT accepted the personal returns for the two partners with hundreds of pages of trades! ProSystem fx lets me enter on a spreadsheet, but simply importing the broker's spreadsheet is practically instantaneous. And, it saves the mapping, so the next time I have an SEI statement, it's ready to go. Working on the family of five with two trust funds and kiddie tax now. My software has paid for itself over the last 25 hours!

[Anarchrist]

My Client issued a check to his landlord on Dec. 29th. The landlord did not receive the ck until after the 1st of the year. The landlord wants the 1099 re-done. I am saying no, my client issued the check in 2008 and can take the deduction. Am I correct? I have clients who receive 1099's for amounts they do not receive. We list the 1099 and then deduct out the money they did not receive that year. I have read through a bunch of the 1099 questions but did not see this particular questions.

Scrab,
You buried your question in a totally unrelated post so it is most likely going to get overlooked and not answered.

You are doing it correct. Everyone I know handles it exactly like you do. Your client needs to tell the landlord that his accountant will know how to handle it once he explains it to him and if he doesn't have an accountant he should find one. If you need more info, start a new thread.

To the original question - as everyone else has said, put a summary entry for long term and a summary entry for short term. Doesn't matter if efiling or paper. I had one this year with around 1000 trades in 4 accounts. Put 4 entries (one for each account) in the short term and 4 in the long term. Didn't bother attaching the 60 pages of broker statements.

[Gene V]

Scrab,

To the original question - as everyone else has said, put a summary entry for long term and a summary entry for short term. Doesn't matter if efiling or paper. I had one this year with around 1000 trades in 4 accounts. Put 4 entries (one for each account) in the short term and 4 in the long term. Didn't bother attaching the 60 pages of broker statements.

I’ve done it your way for years also, however doing it wrong-doesn’t justify taking short cuts. I always wonder how I was going to explain to my client (if they ever did get audit-
Why I charge so much and didn’t follow the IRS instruction.). Now I go by the instruction and charge more.)