TradeLog Blog


Wash Sale Adjustments on Short Sales: Major Brokers are Getting it Wrong

Some major brokers have taken a troubling position in the way they report wash sales on the 1099-B for short sales. This caused big problems when taxpayers tried to reconcile and understand their 2011 1099-B reports. But it appears some brokers continue to use this baffling and incorrect method, which will cause more tax reporting problems for 2012 tax year.

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Tags: Wash Sales, Trader Taxes, 1099-B

ETF Options and the TradeLog Benefit

Exchange traded funds (ETFs) are becoming more and more popular. Did you know that ETF options can have special tax handling? Some of these options qualify as section 1256 contracts. Under Section 1256 the gains and losses are treated as 60% long-term and 40% short-term capital gains/losses, regardless of the holding period. What qualifies an ETF option as Section 1256 depends on it's structure and whether the option is listed or over-the-counter.

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Tags: Trader Taxes, Options, Section 1256

What Every Trader Needs to Know About Taxes

There are many misconceptions that exist about tax reporting for traders and investors. Here are the top two myths, and the facts you need to know…

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Tags: Trader Taxes, 1099-B, Wash Sales, Form 8949

Enhanced Section 1256 Contract Support in TradeLog

Do you trade futures or index options? If so, then you need to know about newly enhanced support for these instruments in TradeLog software. With the release of TradeLog version 9.3 traders and investors can not only identify section 1256 contracts but also generate accurate tax reporting at year-end.

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Tags: Section 1256, Trader Taxes