Seth Breidbart <sethb[at]panix.com> wrote:
- quote -

They backed down this year.

If the printouts were in the same format as a D-1, then you
can just enter "See attached summary" on the schedule D and
enter the column totals for short and long terms trades.

Then attach as many pages as needed of trades to the 8453.
Mail.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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Nan, EA in LA <126advrc34die66[at]corp.supernews.com> wrote:

- quote -

An earlier thread suggested that this year they want the full
data; however, just sending a copy of the pages you have would
do fine. (If he files electronically, he should have the data
available that way so it can be imported.)

Seth

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I have a client who does a LOT of short term trading. He
presents me with a print out of 30 to 36 pages. We have,
for the last 3 years, done electronic filing with his dozen
or so long term sales entered properly.

But short term begins: 36 pages of trades available.
Purchased 1/2/05, sold 12/30/05. And the total sales price
and the total cost. So far both IRS and FTB have accepted
it. I very much doubt they want to plow through 36 pages of
Schedule D-1 any more than I do. He leaves a copy with me
(it's in the proper format) and we're both prepared to
submit a copy if asked.

I do like a sensible client. He likes a sensible preparer.
I guess the powers that be are happy too.....

Nan, EA in LA

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<deja_bhoot2000[at]yahoo.com> wrote:

- quote -

Not to quibble, but this doesn't sound like an emergency
fund. OTOH, maybe you lead a very precarious life.

- quote -

Yes.

- quote -

No. You must list each sale separately.

<snip
- quote -

Yes. If a sale is at a loss, the wash sale rule will apply
since you'll clearly be buying replacement shares within the
wash sale window.

- quote -

Well, since this sounds like more of a "stash" for peiodic
expenses too large to pay from one month's income, e.g.,
property taxes, insurance, vacations, etc., rather than an
emergency fund, you might want to revisit keeping it in this
type of investment. What you're balancing is the increased
yield (don't forget expenses) vs. tax return hassle. I
prefer keeping my stash in a MM account at the bank,
producing one tax return entry.

--
Phil Marti
Clarksburg, MD

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deja_bhoot2000[at]yahoo.com wrote:

- quote -

Yes, you can do this with any type of security.

- quote -

No, you can't use Various for date sold. The IRS receives a
copy of the 1099-B for each sale, and they want to match
these against the entries on your Schedule D.

- quote -

See 2.

- quote -

If any of the sales were at a loss, probably. You'll need
to add the loss to the cost basis of the remaining shares.

- quote -

Sorry, you do. If you have your data in a personal finance
program you may be able to get it to print out a statement
that you can attach.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***

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deja_bhoot2000[at]yahoo.com wrote:

- quote -

Yes, but make certain that you have separated long from short
term.

- quote -

No. Various is not acceptable for the sold date.

- quote -

Answered as no (see #2).

- quote -

There may be.

- quote -

Probably. The IRS matching of 1099-B's to schedule D is
unforgiving.

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I have a short term bond mutual fund at Vanguard, into which
I contribute $1000 per month. I use this account as my
emergency fund (the net yield is a bit better than money
market), and the balance floats between 10K and 20K.

During 2005 calendar year, I withdrew money from this by
writing checks -- about 10 checks, each ranging in amount
from 1K oto 10K. Each check constitutes "sale" of certain
number of mutual fund shares, which may have been purchased
at various times. How do I handle this on the chedule D?

1. I know that for stocks, I can enter "Various" for date
acquired. Can I do this for mutual funds as well?

2. What about date sold? Can I put in "Various" for this as
well? Vanguard has provided me an itemized summary of each
purchase, and a net summary of long term/short term
gain/loss for the whole year, on addendum to 1099B.

3. Can I just make two entries on the schedule D, one for
long term and one for short term, listing both date acquired
and date sold as "Various"? Or do I need to list each sale
separately?

4. Since the purchase is via ACH/monthly, and sale (via
check-writing) is at random intervals, are there any wash
sale implications?

The net gain/loss is small (less than 2K gain, on a tax
filing that will cover more than 200K in income, and 80K in
taxes.) Do I really need to make 30 line entries on schedule
D and D1 to take care of such small gain? Any short cuts?

Bhoot

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