8. File your taxes

Options for filing your taxes:

 

You can either print the appropriate TradeLog® G&L report, attach it to your tax return and file by mail, or you may export your TradeLog® gains and losses to popular tax software programs and file electronically.

 

A)   Print and mail your IRS tax forms

 

In the Description of Property column on your IRS Schedule D (for cash basis accounting) or Form 4797 (for MTM accounting), write "See attached report".   Then simply copy the totals from your TradeLog® IRS Schedule D-1 Gains and Losses report to the appropriate section on the schedule d or Form 4797.  

 

Step-by-step instructions are provided in the End Tax Year section of our Comprehensive User Guide.

For a summary of the different trading instruments available and what IRS form is required for filing your gains and losses for each instrument type, please see our online Tax Topic: Forms for filing your taxes from trading.

     

B)   Export your gains & losses to popular tax software and eFile

 

TaxACT® is the recommended tax preparation software to use with TradeLog® for users who want to e-file their taxes. See our topic Importing the G/L Report into TaxACT® for detailed instructions.

 

TXF File Export is a special report type which allows importing your TradeLog® gains and losses into some popular tax software.

 

NOTE:   Tax programs like TurboTax® and TaxCut® were never designed for the needs of active traders and may or may not work properly with a large volume of trades or with wash sales on trades of unequal shares.

 

Please see Importing Your Gains and Losses report into TurboTax for more details.

 

 

Finally... think of how much time you saved filing your taxes this year!