- quote -

Yes you can.

- quote -

I do the same thing. I should have clarified. Each
transaction must be reported. Not necessarily attached to
the return. Actually attaching a statement to the paper
return is a waste of time, as it gets tossed.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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- quote -

If the sales listing separates the long-term transactions
from the short-term ones, you can do this:

Date Date
Description Purchased Sold Proceeds Cost
See attached stmt Various Various 100,000 75,000

As far as I know, you can't file electronically if you do
this.

We do this a lot with our clients. Many of them will have
hundreds of transactions. I've had a couple that the
gain/loss schedule was more than 60 pages long. I'm not
retyping that!

I work for a wealth management firm and we are working with
the company that handles our 1099s and K-1s. Hopefully, we
will be able to download the information directly into CCH
ProSystem eventually.

Gary

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"StillListing" <yatemay[at]yahoo.com> wrote:

- quote -

Each transaction must be reported.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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I have an investment account maintained by a bank that sends
me a "Tax Information Letter" which details income,
deductions and expense totals for the year. Each line item
specifies the tax form and line where each amount is to be
entered. Additional pages show how they calculated these
numbers. Finally they attach the actual 1099 that they send
to the IRS. I think this is pretty standard reporting for
such accounts.

My question deals with the net long term gain line item
which is to be entered in the capital gain tables on
Schedule D. There were several sales transactions in the
account at various times during the year, and the correct
total net gain for all of the items does appear to be listed
as the one item.

My question is, can I just enter this net number into
Schedule D (Part II Line 8 column f) and the name of the
bank in Column a, and then leave columns b,c,d, and e blank,
or do I have to list each of the backing transactions that
were used to compute the net number individually with the
details for each in columns b,c,d, and e.

I understand the tax result will be the same, but will the
IRS find the single line entry acceptable?

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