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Running the Gains & Loss Report for tax preparation
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Click ALL
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Click Reports, Gains & Losses; Tax Forms
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The TradeLog report platform will appear. Please make sure the Adjust for Wash Sales and between Shorts and Longs check boxes are checked prior to running the report. (Note: Some accountants disagree with calculating wash sales between short and long trades, so this option can be disabled by un-checking this box. Please consult with your accountant if you have questions on this option.)
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If you would like your Social Security Number or Employee Identification Number to be shown on your reports, please click the check box beside Show SSN / EIN on reports.
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The following selections will be available to you for tax reporting under REPORT TYPE:
Gains & Losses - This is the standard TradeLog Gains & Loss report which has been used successfully for the last 11 years for tax reporting. This report results in about half as many pages as the official IRS Schedule D-1 and is accepted by the IRS.
IRS Schedule D-1 - This report is for those users who require a more exact replica of the IRS form.
TaxAct CSV Export - Currently this is the recommended software for e-filing your trader taxes. The Gains and Losses report may be imported into the TaxACT® Deluxe version. Instructions for this type of reporting are included in step 8 of this Quick Start Guide. Please click here if you would like to move to this step.
TXF File Import - This report is for exporting to other popular tax software. Instructions for this type of reporting are included in step 8 of this Quick Start Guide. Please click here if you would like to move to this step.
The Gains & Losses report, IRS Schedule D-1 report, TaxAct CSV Export, and TXF File Export all have a short-term and a long-term section.
Mark-to-Market accounting (TradeLog MTM users only):
Please check the Form 4797 Attachment report type. The Adjust for Wash Sales box should not be checked prior to running the report.
Other reports available to TradeLog MTM users are the Securities Marked-to-Market report and the Section 481 Adjustment report. Please see our Additional MTM Reports section of the Comprehensive User Guide for details.
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After selecting a report type, click Run Report
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Now that the report has been generated there will be three options available to you.
- Print the report - This will allow you to print the report to be manually attached to the Schedule D and mailed to the IRS or given to your accountant.
- Copy the report - This will allow you to copy the data on the report and paste it into other popular software (ex. Microsoft Word, Microsoft Excel, Notepad, etc.).
- PDF - This will generate an Adobe PDF of the report that may be used to e-mail to your accountant, or saved for your personal records.
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