Published: Jan 01, 2016
Very few of the 2014 1099-Bs will reconcile with TradeLog due to the different ways brokers are interpreting what should be reported, and what should not be reported. There is simply no standardization from one broker to the next.
Published: Jun 30, 2014
One sentence changes everything. You may think completing Form 8949 for Schedule D is pretty straight forward, but the majority of active traders are affected by one instruction which has some massive implications. We'll reveal this instruction and explain three situations in which it affects most traders. And we'll tell you about the implications you need to be aware of.
Published: Jul 09, 2013
In a recent webinar with active traders we did a poll and 97% who responded had situations where the 1099-B may not be complete in wash sale reporting. Often this is because the trader has more than one taxable account, or an IRA account, or he trades option contracts. At the root of the problem are differing wash sale rules that the IRS has for 1099-B and for taxpayers. What are the differences and why is the 1099-B often worthless as a result?
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.
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…
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.
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.