Many stock trades

[JenMO]

TP has approx 80 trades, Edward Jones cost basis summary is listed as Sch D colulmns. Can I put in totals then send a copy of the broker statement with an 8453? Can I consolidate groups, but various works in acquired but not in date sold. Should I just mail with copy of broker statement? What's the best way?

[tpnl]

Usually I will total some.

If taxpayer sold IBM stock 80 times over the year and all were long-term, I would total and just put one line on the schedule D. I total short-term and long-term of the same stock, but if all 80 were different, then I would enter all seperately.

[BHoffman]

TP has approx 80 trades, Edward Jones cost basis summary is listed as Sch D colulmns. Can I put in totals then send a copy of the broker statement with an 8453? Can I consolidate groups, but various works in acquired but not in date sold. Should I just mail with copy of broker statement? What's the best way?

Hi Jen - I've sent a copy of the broker statement in with form 8453 and just entered the totals and had no problems.

[AJsTax]

We Have Been

entering total from broker for all short term on one line, total from broker for all long term on one line then send detail with 8453. Have not had any come back. If only one broker then only 2 lines on sch D.

[Burke]

I do the same.

[NotEasy]

I know this is a dumb question..based on the replies, we have to use Form 8453 instead of Form 8879. And then the Form 8453 has to be mailed in, unlike the Form 8879 that we just keep it by ourselves....correct?

[BHoffman]

I know this is a dumb question..based on the replies, we have to use Form 8453 instead of Form 8879. And then the Form 8453 has to be mailed in, unlike the Form 8879 that we just keep it by ourselves....correct?

Not a dumb question. I think you need both forms 8879 and 8453. I keep the 8879 and mail the 8453 with the brokerage statement attached. I see that the 8453 has the efile DCN shown on it.

[AJsTax]

Yes, both

The 8879 is the signature form now.
the 8453 is only used to send extra paper to the IRS for an efiled return. It is not a subsitute for the signature form. It even says at the bottom do not sign this form.

[Ricardo]

Sch D

Last year on the few I had with many trades, I entered the broker"s name and clients a/c # in the description space and the total bought and sold for the year. Long and short term.
No 8453 involved - so far so good !

Regards - Ricardo

[ToledoEd]

I had a day trader with more than 700 stock trades for a year. I put the net of all short term sales on one line and the net of all long term on another. Attached a detail note to the Sch D that there were over 700 transactions and that a copy of the brokerage records would be provided upon request. Filed with just a 8879 and never heard back from the IRS. The client gave up daytrading after 2 years, and it has been about 5 years since I filed the last of those returns.

[JenMO]

TP took monthly distributions (sold some stock) from several different funds. I grouped the funds together and purch date was "various" and so was sold date, but I can't efile "various" as a sold date. Could I put the last date something in that fund was sold, so I can efile, or will that mess up the matching up later?

[DonPriebe]

TP took monthly distributions (sold some stock) from several different funds. I grouped the funds together and purch date was "various" and so was sold date, but I can't efile "various" as a sold date. Could I put the last date something in that fund was sold, so I can efile, or will that mess up the matching up later?

I generally use 12/31/xx as the sold date when I e-file a return with a brokerage statement attached to a 8453.