Heeelp! Stock

[SueBaby]

Client gave me 9 pages of stock they SOLD. How can I ever condense this mess down or can I?????
Just last night a man had 12 rent houses and now this. I am not over the annunity done right!

[LawrenceGR]

Maybe

you could put it in an Excell worksheet and import it to your software. I had one of those a couple years ago. Doggone day traders!

[Larmil]

you could put it in an Excell worksheet and import it to your software. I had one of those a couple years ago. Doggone day traders!

The client or the broker could put it in Excel. That is usually cheaper than paying me to do it.

[Bees Knees]

Start the time clock, take your time to enter everything correctly, double check your entries, and make some money doing what you are paid to do.

Why get upset over having to charge the client money for your time? Isn't that what you are in business for?

That’s like a restaurant business owner getting all upset that a bus load of people just showed up wanting to order food.

[BOB W]

If all required info is on the statement, just enter totals on the tax return. The attach the statement to the 84??? and mail that to the IRS..

[SueBaby]

Start the time clock, take your time to enter everything correctly, double check your entries, and make some money doing what you are paid to do.

Why get upset over having to charge the client money for your time? Isn't that what you are in business for?

That’s like a restaurant business owner getting all upset that a bus load of people just showed up wanting to order food.

The reason why I am very upset is the paper is not put together right and all of the info is NOT on it that I need and called client several times and he does not know anything about stock!!! If it was that simple I would have spent the night doing this. I even called the broker and he said call the client. I am in a merry go round here and can't hardly read the papers he faxed. So what is the BEST thing to do with this matter????

[BOB W]

The reason why I am very upset is the paper is not put together right and all of the info is NOT on it that I need and called client several times and he does not know anything about stock!!! If it was that simple I would have spent the night doing this. I even called the broker and he said call the client. I am in a merry go round here and can't hardly read the papers he faxed. So what is the BEST thing to do with this matter????

I would inform the client of an approximate fee for the Schedule D time and offer a choice of paying the extra fee or telling him the format that you need to use as an attachment and let him create the worksheet.( I hope it is all short term sales.)

[JCH]

The others are right. Charge for your time. The broker and client want you to deal with it. It's the same reason we call a plumber.

Make your best interpretation of the info they gave you, condense it on the schedule D, and attach the detail to the 8453 and mail it in. Just make sure you tie to the 1099-B reported amount on the tax return.

[SueBaby]

I would inform the client of an approximate fee for the Schedule D time and offer a choice of paying the extra fee or telling him the format that you need to use as an attachment and let him create the worksheet.( I hope it is all short term sales.)

All the papers I have only have the date of sell and what he sold it for that is ALL. On the 9th page is the total. I have to come up with the total but no date of purchase and how much he bought it for. BIG mess!!! Don't know even short or long. Only my short nerve.

[WhiteOleander]

That info received is very typical. Just tell the client that you need to know how he aquired the stock, when he aquired it and how much his basis is.

If he complains, just tell him the other option is to pay tax on the total sales price.

This is his problem. Not yours.

[Bees Knees]

If client doesn't have a clue as to what I need to prepare the Schedule D, I print out bunch of D-1s, hand it to the client and say it needs to look exaclty like this.

[Hankster]

Help Stocks

Almost all 1099B's I receive have only date sold and selling price.For many years I could call the investment co and get the info I needed.Due to the new privacy laws they won't provide any info. The client has to get the info. It's a pain in the butt.

[JSLATER]

Almost all 1099B's I receive have only date sold and selling price.For many years I could call the investment co and get the info I needed.Due to the new privacy laws they won't provide any info. The client has to get the info. It's a pain in the butt.

I guess I am one of the few lucky ones. I have two full blown day traders and a couple of wantabes. They all deal through Fidelity and bring in their 1099's which include all the (hopefully) correct buys and sells and dates. I took the the statement to the local IRS office this past year and they said it would be acceptable to attach. Of course, the rumors that the IRS would start having the brokers report all of this information is still running around and would save us a lot of time. My cash flow would go down a little bit, but it would be worth it.

[gkaiseril]

Consoliated Statements

Many large brokerage houses provided consolidated statements that include the detail of the purchases and sales history as needed.

It is easy enough to create an Excel sheet that list description, sales date, purchase date, gross sales price, purchase price, gain/(loss) and days held. One can also add rows at the bottom to total the gross sales price and purchases. With the "sumif()" function one could even add cells to provide the long term and short term gross sales price, cost, and gain/(loss). Then just one can see what is missing.

Afrer filing out the EXcel sheet send a copy along with the tax return or an 8453.

[DTS]

SueBaby

If you do this work for the client, charge him a form surcharge, in addition to $2.50-5.00 per entry. Tell him ahead and see how he wants to proceed. A lot of my D's cost between $100-500 and I tell the clients the stocks were sold separately and I'm going to list them like that, each and everyone.

Get your game-face on!

Dennis