Stock Sales

[Gary]

I have a client that has about 50 stock sales, all short term. The Schwab statement gives the capital loss for all the sales.This year can I just put one entry under Charles Schwab and electronically file with an 8453, sending in a copy of the Schwab statement with the 8453. It seems like this changes from year to year.

Any insight woiuld be appreciated. I really don't want to have to enter all fifty sales.

Thanks,

Gary

[Larmil]

I have a client that has about 50 stock sales, all short term. The Schwab statement gives the capital loss for all the sales.This year can I just put one entry under Charles Schwab and electronically file with an 8453, sending in a copy of the Schwab statement with the 8453. It seems like this changes from year to year.

Any insight woiuld be appreciated. I really don't want to have to enter all fifty sales.

Thanks,

Gary

My software will import an (Excel) spreadsheet. The broker can furnish one. A copy of the Schwab statement would probably not be considered a sub for a Sched D-1.

I offer my clients a choice. Either they furnish the spreadsheet or I will bill them $X.XX per entry. I had three clients last year with over 500 sales. Guess which choice they took.

[JSLATER]

Charge or something like D-1

Anymore we have no choice. At the begining of 2006 filing season, the IRS came out and "restated" the proper procedure for stock trades. "Statements will not do." Just explain or bill accordingly.

[Gary]

Instructions for Schedule D

Instructions for Schedule D state: "You must enter the details of each transaction on a separate line of Schedule D."

Thus I don't see the option to include an Xcel spread sheet.

[Larmil]

Instructions for Schedule D state: "You must enter the details of each transaction on a separate line of Schedule D."

Thus I don't see the option to include an Xcel spread sheet.

Check your software. Mine will IMPORT a spreadsheet. Thus the transaction appear on the Sched D and D-1 on a separate line. Otherwise enter the transactions and bill for them or have client furnish a filled in Sched D-1. Those are your choices.

[veritas]

See TTB

"Schedule D transaction detail. The instructions to Schedule D
require the details of each transaction be reported on a separate
line. If more than five transactions are reported on line 1 or line
8, additional transactions are reported on Schedule D-1 and the
combined totals from all Schedules D-1 are entered on line 2 or
line 9 of Schedule D. Taxpayers may not enter “see attached” with
summary totals in lieu of reporting the details of each transaction.
However, taxpayers may submit attachments in lieu of completing
lines 1 and 8 on Schedule D or D-1 as long as the attachments
contain all the required information and are in a similar format.
For electronically filed returns, taxpayers may attach any necessary
Schedules D-1, or acceptable substitutes for Schedule D-1,
to Form 8453."

The TaxBook is a great resource.

[Kram BergGold]

Gary you understand perfectly

You are all set.

[Gary]

Thanks

Thank you all. I guess I will go into work early tomorrow to input all the sales.