TradeLog MTM provides an End Tax Year procedure that performs the following accounting functions:
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Creates a next tax year data file with the same name as the current tax year data file
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(ie: "2005 Schwab.tdf" creates "2006 Schwab.tdf")
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Copies all year end open positions from the current year data file to the next year data file.
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If cash basis accounting for current year: Generates wash sales and copies any wash sale deferrals to the next tax year data file.
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IF MTM accounting for current year: Prices all open positions to year end prices and creates open positions in the next tax year data file using the current year end prices as cost basis.
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If next tax year is first year for MTM accounting: Makes all necessary section 481 entries.
TradeLog MTM automatically looks up year end prices for all open positions provided you are connected to the Internet. For those instruments whose prices cannot be found, TradeLog MTM will prompt the user to look them up manually and enter them into the program.
PLEASE MAKE SURE YOU VERIFY THE PRICE OF EACH OF THE YEAR END MTM PRICES THAT TRADELOG GOT AS SOMETIMES THE FREE SERVICES DO NOT GET THE CORRECT PRICES.
The program guides you through a series of prompts to determine if you used MTM accounting or cash basis accounting as follows:
Please select the accounting method from the list below for specific instructions:
