TradeLog Tax Lot Accounting Software
for IRS Schedule D Form 8949
TradeLog Software is the top choice of LEADING TAX EXPERTS:
ROBERT A. GREEN, CPA
CEO of GreenTraderTax.com
Managing Member of Green NFH, LLC
Tax Attorney, Trader Tax Expert
Why you need TradeLog:
Tax reporting takes the fun out of trading, but it doesn't have to be a dreaded and confusing task. Active traders and investors desperately need an accurate solution for generating IRS ready tax reporting.
1. All Your Trades, All Your Accounts - In One Place
Active traders and investors tend to generate a large volume of trade transactions. Many traders maintain multiple brokerage accounts, and often with more than one broker. Keeping track of all that trade history is essential for accurate accounting, but is often a daunting task.
TradeLog supports over 40 online brokers. Often you can import an entire year of trade history with just a few mouse clicks. With TradeLog you can maintain one tax year file with the trade history from all of your accounts and all of your brokers. Easily navigate your complete trade history and run accurate reports in seconds.
2. The Most Accurate Wash Sale Adjustments
Wash sale adjustments can be a real nightmare for traders. Personal finance programs and popular tax software were never designed for active traders and do not calculate wash sales as required by the IRS. Many of the programs designed for trader taxes fail to account for all of the wash sale rule requirements.
For over 12 years TradeLog has accurately accounted for wash sales based on IRS requirements. TradeLog uses accurate trade history to account for all wash sales, including between stocks and options, in multiple brokerage accounts, as well as those in IRA accounts. Leading tax experts agree that TradeLog is the top choice for wash sale reporting.
3. IRS Ready Reporting Based on Taxpayer Rules, Not Broker Rules.
Brokers are required to provide traders and investors 1099-B reporting. However, the IRS rules for taxpayer reporting are different than what is reported on the 1099-B. This means the 1099-B cannot be used alone for tax reporting!
IRS Schedule D Form 8949 is one of the most complicated of the IRS tax forms. Popular tax programs often make the serious mistake of only using 1099-B data for this form - meaning many traders and investors file their capital gains taxes incorrectly!
TradeLog generates IRS ready reporting, including Schedule D Form 8949, based on taxpayer rules. TradeLog also includes a process to reconcile 1099-B and report necessary adjustments to the IRS. In addition, TradeLog Form 8949 reporting can be used in conjunction with most popular tax software programs like TurboTax® and TaxAct® for easy filing of your tax return.
4. TradeLog automates the following tax processes:
- Gathering trade history from your online brokerages.
- Matching trades for proper gain and loss calculation based on the IRS rules for taxpayers.
- Reporting wash sale adjusted capital gains and losses on IRS Schedule D Form 8949, which can then be provided to the IRS or your accountant, or imported into popular tax software programs.
- TradeLog MTM for traders who have elected section 475(f) Mark-to-Market accounting status with the IRS, as well as for traders in futures and other section 1256 contracts