The easist way for investment 'traders' to report transaction gains and losses to the IRS - John R. Dundon II, Enrolled Agent
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The easist way for investment ‘traders’ to report transaction gains and losses to the IRS

25 Jan The easist way for investment ‘traders’ to report transaction gains and losses to the IRS

Posted at 00:00h in Capital Gain, Capital Loss, Cash Transaction, IRS Examination, Stock Options, Tax Guidance & Preparation by
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According to the instructions for Schedule D (page 6), instead of entering the details of each transaction separately on Schedule D or D-1, you can attach a statement containing all of the same information as Schedules D and D-1 as long as it is in a similar format. The combined totals are entered on lines 2 and 9 of Schedule D. Use as many statements as necessary. Do not write “available upon request” along with the summary totals instead of reporting the details of each transaction, that is a red flag for an audit. So yes if your brokerage firm provides you a detailed report of your transactions for the year that should be reported on the schedule ‘D’ under capital gains/losses you can attach that report to the schedule ‘D’ and enter the totals on lines 2 and 9.

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