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Should I send all stock market transactions to IRS when I file taxes or I just report the gains and dividends?My transactions are 80 pages. ?

10 Answers

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  • Eva
    Lv 7
    1 month ago
    Favourite answer

    Two ways to do this without entering each transaction individually.  Make sure to report your short term and long term gains separately and account for your wash sales.  1)  Enter the totals on Schedule D. Scan and attach a pdf  or csv file of your 1099B to the return. 2) Enter the totals on Schedule D.  Print out Form 8453 and attach a copy of your 1099B to it and mail to the address in the instructions. There is also a checkbox to check on your return if you choose this method.

  • John
    Lv 6
    1 month ago

    There are a large number of incorrect answers to this thread.  If your brokerage report lists the same information for each trade as requested on Form 8949, you do *not* have to list each trade on the 8949.  You can instead list the summary amounts on the 8949 (for LTCG, LTCL, STCG, and/or STCL).  Those numbers flow over to Schedule D.  You must then send a PDF file of the brokerage statement to the IRS.  The PDF can either be sent by mail, or uploaded via tax software at the time the return is filed.  

  • 1 month ago

    Anyone with that kind of accounting should consider hiring an accountant who actually knows what they're doing.  Filing a return with hundreds of pages of relevant transactions is not unusual.

  • Anonymous
    1 month ago

    You're an idiot.  Have H&R Block do your taxes.

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  • Anonymous
    1 month ago

    The IRS does NOT want a copy of your 1099-B.  They already have it

    Look for covered transactions that are NOT wash sales as these can be summarized on one or two lines on schedule D.  Every thing else is line by line on 8949 or similar spreadsheet.  Painful, but your broker can often give you a file to download.

  • Anonymous
    1 month ago

    Now you know one of the multiple downsides of heavy trading. You have to manually list every trade. Buy date, cost, sell date and gain or loss.

    Unless it was a retirement account.

  • 1 month ago

    You should probably get a tax accountant.

  • 1 month ago

    You have to do a Schedule D that lists each transaction with it's basis, sale price, etc to determine gain/loss.

  • Kieth
    Lv 7
    1 month ago

    Sure, just send all of your records to the IRS instead of doing your taxes the way you are supposed to. See how that works for you.

  • Anonymous
    1 month ago

    Did it occur to you to read the instructions for Schedule D?  It doesn't sound like you've even looked at the form.

    In general, all sales of stock completed in 2020 must be listed on your 2020 tax return.   You will also need to list the date of purchase, cost basis, date of sale and gain (loss).   If you don't, the IRS will determine that your cost basis is zero and you'll be taxed up the wazoo.

    SMH.

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