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Tax Question - 1099 Investments

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Tax Question - 1099 Investments  Reply with quote  

I have a question in regards to my 1099 stocks,bonds, etc... transactions.

I made a lot of trades this year and was wondering if I could attached my spreadsheet for the IRS to look at. I was speaking with a tax professional and he had stated to just enter the total buys and sells and attached my spreadsheet along with the 1099 form to the IRS.

I'm not sure if you can do this or not.
Post Sat Feb 12, 2011 2:39 pm
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I wouldn't do it. You're giving them something they're not prepared to process, and so it bumps it to someone who has to look at it and decide what to do with it instead of someone who's just keyboarding your numbers. In other words, it flags your return for extra scrutiny. Just fill in the Schedule D. I had one year when I had, if I remember right, four pages of Schedule D (one-sided) and never had any trouble. But, heck, they get returns from individuals with hundreds of pages, so four pages is pretty far under the radar. If they have any questions about your return, you'll get a letter. Wink

But, yes, you can do that if you want to.
Post Sat Feb 12, 2011 4:31 pm
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I agree with coaster. Prepare the schedule D and send it in with your tax return. Keep your supporting documentation with your tax return copy if the IRS needs you to prove what you sent them.

Don't volunteer information unless it is requested to substantiate something you have on your return. Very Happy
Post Sat Feb 12, 2011 8:29 pm
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