How to properly file taxes on the Shot-Term Stock transactions for the fiscal year?
October 20, 2008
dmxrover asked:
For Pennsylvania State and Federal Taxes: If I have made many transactions throughout the year, what is the best way to report this information. Can I submit a printed spreadsheet listing all of the transactional information for each stock sale, i.e. Stock, cost basis, proceeds, etc. or do I have to use some official form for this.
For Pennsylvania State and Federal Taxes: If I have made many transactions throughout the year, what is the best way to report this information. Can I submit a printed spreadsheet listing all of the transactional information for each stock sale, i.e. Stock, cost basis, proceeds, etc. or do I have to use some official form for this.
Also, do I have to provide this same list of transactions along with my Pennsylvania State submission?
No guesses please.
Thanks.
October 21st, 2008 at 5:55 pm
The proper entry is to Sch D but it is ok to only enter the total and say “See attached detail schedule”
October 24th, 2008 at 1:38 pm
You will need to list out the details of each stock transaction on Schedule D. If there was a large number of transactions and the lines available on Schedule D will not hold all of the transactions, then you use Schedule D-1. If you wish to attach a statement (i.e. spreadsheet) to your return that provides the details of each stock transaction, it would be acceptable provided that it provides all of the information that the IRS requires….the date of purchase, date of sale, sales proceeds, cost basis, and a description of the item/stock sold, along with the taxpayer’s name, SSN, and the tax year and form for which it relates. The IRS has SPECIFICALLY stated several years ago that they will no longer accept a summarized total for the entire tax year. You MUST break out each transaction.
For Pennsylvania, you would need to check with the PA tax forms to see if there is an equivalent form for capital gains details. Generally, many states will either allow, or require a copy of the federal return to be attached to the state return as acceptable detail.
October 27th, 2008 at 1:06 am
You can get your Sched D and D-1 prepared by entering them with any online tax prep services listed here .. Check the link to also save money on tax prep services