Schedule D

[Gene V]

They added a new sentence to the instruction for Schedule D this year.
Instead of reporting your transactions on Schedules D and D-1, you can report them on an attached statement containing all the same information as Schedules D and D-1 and in a similar format. Use as many Schedules D-1 or attached statements as you need.
Enter on Schedule D, lines 2 and 9, the combined totals from all your Schedules D-1 or the attached statements. Do not enter “available upon request” in lieu of reporting the details of each transaction on Schedules D and D-1 or attached statements.

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

[Kram BergGold]

Problems

Many of the realized gains and loss statements we see from brokers reverse the sales and cost columns. Would this make it, not essentailly the same as Schedule D-1?
Some other statements have short and long term sales mixed together. Again, Would this make it not essentailly the same as Scheudle D-1?

[Bees Knees]

Minnesota requires us to e-file. I don't like sending in attachments using Form 8453. I only do the 8879 thing. So I guess I will continue to enter everything and charge the client accordingly.

[Joe Btfsplk]

Schedule D

Some people have hundreds of capital gain/loss items. I lump them together in some way to minimize the number of entries, separating long-term and short-term items. I then attach the broker's statements.
If there are just a few transactions, I list them individually.
I have never efiled a return with hundreds of transactions and would never efile that kind of return.
If I was required to efile the state return, I would do so without the brokers statements if the state would allow that. Otherwise, I would drop the client.

[Jiggers]

Schedule D

I enter each transaction, regardless of the number. That way the sales matches the 1099's, and the IRS doesn't have to look too far.

Besides, I charge $20 plus:
1. $4 per principal returned (Where the client gets prin & int, usually monthly)
2. $5 per each item where the cost is on a supplement supplied by the broker.
3. $10 per each item if the client gives me the cost or documents to substantiate the cost.
4. By time, at $80 per hour, to calculate the cost. Usually on mutual funds or stocks where the dividends have been reinvested or the client made periodic investments. Or, if I have to do research.

[S T]

Sched D

I also enter in my tax program, Schedule D each line item transaction. A few clients have now gotten the idea, one maybe their Broker should not be trading their account so much for a few dollars of gain or loss (as the case maybe) and also now request that the Broker supply me with the entire yearly transactions which most have in a ledger (that's if the brokerage house is not supplying it with the year end statement.

So many of these accounts seem to end up as a loss plus the account mgmt fees that the Broker has charged. The clients can see what is actually transpiring when I complete the schedule, as a lot of them do not know how to read the statements they receive.

So I adjust my fees accordingly to what I am supplied with. Altho I don't think I charge as much as Jiggers does. Will have to rethink the fee charge for the upcoming year.

Sandy

[Jan]

Last year I tried inputting one of my clients 1099’s sales, (had 185 transactions), the client withdraw a certain amount of money every month, so the broker usually sells about 12 difference funds each month, I used to just combine the funds and end up with about 12 to 16 difference entries, but now I’m entering each sales, this client lives out of town, so they send there broker statement about a month before there appointment, so I can leisurely input the information in the evening or in between clients.
I know I don’t charge enough for this work.