Day-traders Filing Taxes, what software is needed to import trades into schedule D?

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SanyaizSanDiego

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I have a substantial number of trading transactions (doing it manually will be too difficult) and filing taxes for first time under these circumstances. Does anyone day-trade and what software do you use to download from your online broker to file schedule D(gains/losses) ? What is the easiest and most efficient way to get it done?
What are some of the write off’s?
Any other suggestions will be extremely helpful and your experience will be greatly appreciated.
If you can please reply on here or email me directly at [email protected]. I will be happy to share some trading wisdom and answer any questions that you may have.
Thank you
 
I use a Tradelog. It costs ~$200/year for unlimited trades. Every time I re-subscribe, i check what else is out there and this software has been the best each time. I’m not a daytrader but sometimes I do flip stocks pretty quickly. This completely removes the tax headache and it keeps track of your tax bill as the year progresses. I think real daytraders use some sort of mark to market accounting but I’m not sure.
 
Thanx for the quick response VirginCFA, great name btw :). Here is a link for anyone that needs it.
http://www.armencomp.com/tradelog/
TradeLog™ software fills the niche by automating the process of gathering your trade history from over 30 different online brokers and matching your trades so a proper gain or loss is calculated.
How easy is it to use?
Virgin how much does it cost to re-subscribe? Have you used other programs besides Tradelog?
What do you trade? I saw this software also calculates taxes on options trades, thats awesome.
 
it’s a little clunky to use but they have helpful customer service.
I think it’s around $200 per year but you can get 2 returns in one year if you file late one year and on time the next
I tried every single program I could find and this one beat them all. I devoted a couple of days to this selection process and downloaded countless demos & trials.
I trade a fair amount of Canadian stuff and have positions in different currencies which it handles fine. It handles options & currency fine but I forgot how it handles commodities. I’ll look at it when I file next week.
 
I ran the tutorial and the program looked great, although I have only done a little bit of research, it sounds like you’ve tried different applications so I appreciate you sharing the info with the rest of us.
I’ve seen your posts on L2 forum, you’re taking it in June right? How are your studies coming along? shoot me an email so we can speak sometime.
[email protected]
 
I passed all 3 cfa tests. I just hang out here cuz I like Cher, snowball fights, loud music and high school girls.
 
I can surely find better places to hang out although there are some real characters in here. Cher is out of style you should try Britney for change and don’t you have enough snowball fights in Canada?
What firm are you with? Which part of Canada? Man am I advertising you or what :). Next thing you know some of these high school girls from this forum will be going up to Canada looking for that virginCFAhooker that gives great advice…
I just bought the software so looking through tutorials… fun stuff. You trade for yourself or for someone?
Any word of advice on those vignettes on L2, thats the only thing that has me worried…
 
Does Tradelog work for Canadian taxes? This is part of the trading setup that I haven’t really looked into yet…
 
Virgin CFA, can I ask you a few questions in tradelog, i am having difficulty connecting to my online broker.
I would call customer support but they are closed and I’m trying to put my taxes together… if you are busy no worries i will have to do it tomorrow.
Let me know if we can chat online for a few minutes on any instant messenger you have or google chat.
thanx
 
SanyaizSandiego…
I don’t have a job. I’m 38 and never worked in the financial industry. I’m picky on the hours I can work so I may not ever get a job. I sold my business in 2005 and trade stocks for myself. I’m looking for a job in LA. I’m good at finding special situation & deep value type investments. I recently found an incredible investment opportunity but I would need about $30M to participate(… if you know anyone?). All I can say about level 2 is that it was by far the hardest of the 3 tests, and probably the hardest test I’ve ever taken. That being said the vignette style of question isn’t as annoying as the essay questions in level 3. I love san diego and frequently visit there to surf. I’ll be there from May 12-17 taking a class on how to install solar panels on your house!
Just saw your post. I don’t have google chat. Email me at [email protected]
 
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