Published: Feb 13, 2013
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
Published: Feb 06, 2013
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
Published: Jan 30, 2013
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
Published: Jan 12, 2013
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
Published: Dec 28, 2012
As a new year approaches you may be wondering what’s in store for 2012 tax filing. Here is some early information to help you plan and prepare.
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Tags: Trader Taxes
Published: Dec 11, 2012
An article in last week’s Investopedia.com explained some of the
broad differences in brokerage houses. One aspect many investors and traders give no thought to when choosing a broker is the necessary tax reporting. The 2011 tax year revealed disturbing problems as some brokers simply could not provide accurate 1099-B reports for many clients!
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Tags: Trader Taxes
Published: Dec 11, 2012
Yes! You read that correctly: Wash sales in an IRA can have severe consequences! This often-overlooked part of the IRS wash sale rules must not be ignored by active traders and investors.
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Tags: Trader Taxes, Wash Sales
Published: Dec 04, 2012
Wash sales can happen all year long, but wash sales that occur in December and January are the ones to watch. Why? Because wash sales that happen in December and January can potentially increase your taxable capital gains for the year! In this post we’ll review what a wash sale is and their potential negative effect. Plus, we'll illustrate how to use TradeLog to monitor wash sale effects on your trades.
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Tags: Trader Taxes, Wash Sales
Published: Sep 04, 2012
In July we announced changes to our technical support service for TradeLog. Here are some questions and detailed answers regarding these changes that you may be interested in.
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Tags: TradeLog Tips
Published: Jan 11, 2012
Updating your TradeLog software is very important. Here are some reasons why, as well as tricks for keeping your software up-to-date easily:
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Tags: TradeLog Tips