So much detail to report!

[stoploss]

Ryan,

I have many trades over a year. So many I can't imagine the number of them.

My accountant wants me to show every trade with the date, and identify each entry/exit and profit on each trade. My broker doesn't have a convenient way of providing this detail to show how each position was opened and closed.

For example, I may open at trade (long) of 100 units, then sell 50, then sell 70, then buy 20. At that time I am flat again.

What degree of detail is required by the IRS, and how much effort should I expend trying to match up the longs and shorts to identify the profit per each transaction?

Thanks for your advice one this.

[Ryan Gibson]

Hi Stoploss,

The IRS frequently asks for detailed reports on trade data. If you do not have the information there will be tax consequences that don't normally end up in your favor.

You should be able to download the trade data from your broker and reconcile it with a program such as TradeAccountant Pro. Or your best bet would be to contact our trade accounting specialist Adam Kelsey at 800-938-9513 Ext. 214. He can provide me details and if you wish he can provide a reconciled trade report to your accountant.

I hope this helps.

Regards,
Ryan Gibson