schedule d, capital gains, wash sale trader tax software

Tax reporting takes the fun out of trading, but it doesn’t have to be a dreaded and confusing task. Traders and investors alike desperately need a simple, automated method of getting a handle on their trading gains and losses.

TradeMax™ 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.

Your capital gains and losses, including wash sales, are then reported on a Schedule D-1 attachment and sent direct to the IRS or your accountant, or imported into popular tax software programs.

  • No more wading through paper statements, spreadsheets, and random pieces of paper from your broker to organize and match your trades.
  • Never again give days or weeks of your valuable time to the IRS trying to net out your capital gains.

Let TradeMax keep track of your trades and eliminate frustration at tax time!

FACT #1: Most static broker provided profit and loss statements are not accurate and are not to be trusted for capital gains tax purposes. This is usually due to incomplete cost basis records for positions held open at the end of the previous tax year, or mismatches due to stocks splits, mergers, and name changes.

See our Gathering Baseline Positions tax topic for details.

FACT #2: Popular tax software programs like TurboTax© do not import and match trades properly for reporting on schedule d, and do not calculate wash sales.

FACT #3: Most other software solutions do not calculate wash sales between short and long trades, and between “substantially identical securities” such as between stocks and options as required by the IRS.

See our Dare To Compare page for details.

Here are four major reasons why every trader and investor should use TradeMax™ software:

1 Designed for active traders
and investors.
2 Trading capital gains and losses at your fingertips.
Active traders generate a large volume of trade transactions and therefore require an automated import capability.

Investors may not generate as many transactions, but still benefit greatly from automating their trade accounting.

TradeMax™ users have the ability to import from over 35 different online brokers. These are direct imports. No need for reformatting or using Excel spreadsheets. No limit on the number of records imported at any one time.

Imagine importing an entire year’s worth of trade history with just a few clicks of the mouse. The savings in import time alone can literally pay for the program many times over!

Most traders recognize the need to keep close track of their trading gains and losses. With the current market volatility, it’s easy for your profits to evaporate before you know it.

TradeMax™ enables you to keep your finger on the pulse of your trading performance and your overall profit and loss.

As your trades are imported, profit and loss is automatically calculated for each trade and for the entire year.

Run a quick report to chart your performance for a specific type of investment, chart your daily, weekly or monthly profit and loss or see your equity curve.

3 Accurately calculates
wash sales.
4 File your trader
taxes in minutes.
There are many personal finance and tax software programs in the market which are designed for the masses.

Most offer some capability to manage investments but are very limited in their ability to handle a large number of trade transactions such as those required by a stock day trader.

None of these programs calculate wash sales for odd lots and short sales correctly. As a matter of fact most of these do not calculate wash sales at all!

For the active trader, the amount of manual work required to get trades matched properly, your capital gains or losses calculated, and all necessary wash sales calculated for entry on an IRS Schedule D makes the use of these programs prohibitive.

Do you trade Options?
In addition to calculating wash sales for stock trades, TradeMax™ properly calculates wash sales between what the IRS refers to as “ substantially identical” securities, such as options on the same underlying stock.

The tax year comes to an end. You now face the daunting task of filing your taxes.

By now you have accumulated hundreds or even thousands of trades, all of which need to be properly matched and recorded on the IRS schedule d.

You know that some are short sales, but your broker does not identify these on your statements.

To make matters worse, the 1099 that your broker provides at year end does not match sales with purchases and does not include positions purchased in previous years. How can anyone properly calculate their short-term gains and losses from this data?

TradeMax™ gets its information right from the source.

Every transaction executed in your broker account during the year is imported at your convenience via our stock day trader software.

At year end, simply run a report detailing your trading and gains and losses, attach it to your IRS Schedule D and file your taxes!