Using Turbo Tax this year?

Lagg-Alot said: "I started Day Trading last year without thinking about Tax Time and how hard it is to calculate all the Gains & Losses with the Wash Sale rule on stocks that you buy more than once in any 30 day period. I found Turbo Tax to be a big headache intill I came across this product that helped me very much. [URL="http://www.vbssol.com/"]Simply Track[/URL] It is a program that crunches all your Wash Sales for you into a .txf file that can be uploaded into Turbo Tax and really saved me from having to go to an accountant this year. They have Excellent Tech support, if you have questions or problems. Got all my questions answered in one day including 3 emails on President's Day holiday. Anyway their program works very well. If anyone needs it."

thezster said: "$49.99...... Probably worth the price... but I got Gainskeeper for free this year and really loved it.... Guess I'll have to find out how much it's gonna cost me next year - unless E-Trade pays for it again in 2007."

LongArm said: "[QUOTE=Lagg-Alot]I started Day Trading last year without thinking about Tax Time and how hard it is to calculate all the Gains & Losses with the Wash Sale rule on stocks that you buy more than once in any 30 day period. I found Turbo Tax to be a big headache intill I came across this product that helped me very much. [URL="http://www.vbssol.com/"]Simply Track[/URL] [/QUOTE] SPAMMER! (Just kidding.) Or, an easy way to avoid wash sale issues is to only trade stocks in December that you haven't traded the rest of the year (then don't trade THOSE stocks in January). That ensures that you'll be out of any stock you've traded during the year for at least 30 days and the wash sale slate will be wiped clean. For future reference."

thezster said: "[QUOTE=LongArm]SPAMMER! (Just kidding.) Or, an easy way to avoid wash sale issues is to only trade stocks in December that you haven't traded the rest of the year (then don't trade THOSE stocks in January). That ensures that you'll be out of any stock you've traded during the year for at least 30 days and the wash sale slate will be wiped clean. For future reference.[/QUOTE] When you trade the same 10 - 15 stocks over and over - then that's easier said than done..."

LongArm said: "[QUOTE=thezster]When you trade the same 10 - 15 stocks over and over - then that's easier said than done...[/QUOTE] In a way, I think it's easier for you and me (I trade even fewer stocks than you) because we know exactly which few stocks we've traded throughout the year so it's easy to come up with a stable of unique "December stocks." Those who trade 538 different stocks throughout the year will have a harder time finding December stocks that they haven't already traded. 'Course, those who have software to take care of wash sales don't need to worry about it (as much), but for the rest, doing this (or a version of it) can save you from a major headache come tax time."

LongArm said: "I should add that those who DO trade 538 different stocks throughout the year might prefer to just avoid trading in December what they've traded in November (rather than the whole year). Then avoid trading in January what you've traded in December. OR, just be out of all your holdings by December 31st. Then avoid trading in January what you've traded in December. There are a few different ways to skin this cat."

Harry said: "[QUOTE=Lagg-Alot]I started Day Trading last year without thinking about Tax Time and how hard it is to calculate all the Gains & Losses with the Wash Sale rule on stocks that you buy more than once in any 30 day period. I found Turbo Tax to be a big headache intill I came across this product that helped me very much. [URL="http://www.vbssol.com/"]Simply Track[/URL] It is a program that crunches all your Wash Sales for you into a .txf file that can be uploaded into Turbo Tax and really saved me from having to go to an accountant this year. They have Excellent Tech support, if you have questions or problems. Got all my questions answered in one day including 3 emails on President's Day holiday. Anyway their program works very well. If anyone needs it.[/QUOTE] Tubro Tax is GREAT. Ya still gotta so some work. Stock trades will be easy for me... My work involves mileage to doctors and the pharmacy. I haven't had a good year."

Mr. Gekko said: "I let H&R Block deal with my taxes. I go to the same adviser every year and I think I'm giving her extra gray hairs this year. I started trading February of last year and well... she told me she'd get back to me by the end of the week after she matched up all my "buys" and "sells". :laugh:"

thezster said: "[QUOTE=Mr. Gekko]I let H&R Block deal with my taxes. I go to the same adviser every year and I think I'm giving her extra gray hairs this year. I started trading February of last year and well... she told me she'd get back to me by the end of the week after she matched up all my "buys" and "sells". :laugh:[/QUOTE] For a young person with little income and few deductions H&R Block may be fine.... However, and I could be 100% wrong here, any company that trains advisors in a few short weeks and then turns them loose to do tax work isn't going near my tax paperwork. I hope it works for you... but I wouldn't do it on a bet...."