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My accountant insists that I have to list each one of the trading transactions on excel sheet. Is he right?

It’s option trading, no 1099 form.

The brokerage firm already has the yearly statement sent to me. Couldn’t I just attach that to the forms to the IRS? (total sale minus total purchase should be clear enough?)
But the accountant insists that I have to put them on excel sheet so that it can be entered on the computer ?

Thank you so much for your reply.

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4 Responses to “My accountant insists that I have to list each one of the trading transactions on excel sheet. Is he right?”

  1. dlbalderston089 said:

    I’m no expert, but I traded on the Foreign Currency Exchange and had to do the same thing. They want to see each trade to substantiate the totals you are providing them.

  2. dealerschool2000 said:

    YES. IRS requires your trades to be filed on there forms. If you hired a CPA to do your taxes just give him your 1099 form. Otherwise, go to irs.gov and download the necessary form to be filed showing your transactions. This form will be a .pdf and you will be able to fill it out yourself.

    It’s a pain in the butt, Good Luck!

  3. Steve said:

    Your accountant has to fill out a schedule D for your trading transactions. It must list every transaction individually. That is why it is necessary. Because of this, some brokerage firms now have downloadable 1099’s that interface with tax software. Eventually they all will.

    Good luck.

  4. delvinth said:

    Schedule D does NOT have to list each transaction in detail; however you do need to provide at least an attachment of all detail that will tie to Schedule D. If the statement your brokerage firm sent provides the necessary detail, then that will suffice. If it doesn’t though, get a statement that will, or provide your accountant what he is asking for.

    The detail that the IRS needs is as follows:

    1. Description of Stock/Bond, etc.
    2. Date Purchased
    3. Date Sold
    4. Proceeds Received
    5. Cost Basis

    Using the link below, you will find a clarification on this topic. The fourth question on the Q&A will help you out, as will all of the questions. Hope this helps, and Good Luck.




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