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Question about tax

Question about tax# Stock

h*r2011-02-25 08:02

1 楼

I opened an IB account last year and did some day trade for fun. I did
dozens of trades. My question is how to fill the tax form? Can I just
summarize the total gain? or I need to type in every transaction? Thanks a
lot for your help.

c*t2011-02-25 08:02

2 楼

Future: mark the market.
stocks: list individual. IB should give your form already.

h*r2011-02-25 08:02

3 楼

You mean the total transaction history?. For my case, I usually trade one
stock, say qqqq, and at the end of year I dont have position. So it likes I
may sell 10000 and buy 10000 but in dozen small transactions. So I just key
in the total profit and attach the transaction history from IB?

【在 c**t 的大作中提到】

: Future: mark the market.
: stocks: list individual. IB should give your form already.

c*t2011-02-25 08:02

4 楼

please ask CPA.
there is some wash sale rules for stock.

h*r2011-02-25 08:02

5 楼

But my total trade from the stock is gain, so it should not have wash sale
issue, is it right?

【在 c**t 的大作中提到】

: please ask CPA.
: there is some wash sale rules for stock.

c*t2011-02-25 08:02

6 楼

the thing is if you made 1K and lost 400, do you pay tax for 1K or 600.

o*l2011-02-25 08:02

7 楼

600, you net your gain but unfortunely you need to key in every transaction
and figure out cost basis because total transaction proceeds are getting
reported to IRS not your gains or losses.

w*i2011-02-25 08:02

8 楼

you can export the transactions to tax software such as turbotax

h*r2011-02-25 08:02

9 楼

So I can not fake a transaction say sold 10000 qqqq at $20 which is average
selling price and bought qqqq 10000 at $19 which is average buying price to
simplify the form?

transaction

【在 o*********l 的大作中提到】

: 600, you net your gain but unfortunely you need to key in every transaction
: and figure out cost basis because total transaction proceeds are getting
: reported to IRS not your gains or losses.