TAX HELP - Reporting Stock gains/losses

[Vanish3d]

I day traded last year quite a bit so I have close to 1000 line items to report in my taxes.

I actually started to type them 1 by 1 then I ran out of lines and turbotax would not let me add more lines

I googled, and it said I can use the averages for identical securities. When I do that, the profit/loss values are not correct.

How do I do this?? Sure there are plenty of day traders on here that ran into this. Your input is appreciated.

example below. If I take do them one by one, I get a total loss of $447. If I use the averages, I get a loss of $56.

Buy 1000 7.3 -7309.95 CAD
Sell -1000 6.415 6405.05 CAD
Buy 1000 5.28 -5289.95 CAD
Sell -1000 5.49 5480.05 CAD
Buy 3000 4.36 -13086.95 CAD
Sell -3000 4.375 13118.05 CAD
Buy 2500 3.89 -9731.95 CAD
Sell -2500 3.99 9968.05 CAD

[Sal0]

Based on your example, take the total dollar value of the buy "35418.8" and divide by the total shared you bought 7500. And that is your cost average.

Repeat the steps for sell.

[Vanish3d]

Originally posted by Sal0
Based on your example, take the total dollar value of the buy "35418.8" and divide by the total shared you bought 7500. And that is your cost average.

Repeat the steps for sell.

That approach lands me at a lost of $112 - still not correct.

For turboTax I have to put in my "total proceeds" and "adjusted cost".

Only way to do that is to put down 7500 shares, total proceeds of 34971, adjusted cost of 35418.

Now for other stocks, if I take this approach my total proceeds will be close to a million bucks - and I'm sure that'll raise some flags as I did not invest 1 million, but say 10K 100 times.

[Sal0]

Originally posted by Vanish3d


Only way to do that is to put down 7500 shares, total proceeds of 34971, adjusted cost of 35418.



That's exactly how I would do it. That was just the quick formula to determine the ACB per share.

You also got to be aware of the superficial loss rule which could impact this.