Handle your wash sales and generator your Schedule D

Cost Basis Transaction Report -This report is for those users who track the cost basis in stocks, bonds and mutual funds to report a cost basis when an investment is sold.

Cost Basis, also known as “tax basis”, refers to what you paid for any investment which include commissions or the original value of an asset for tax purpose (usually the purchase price). Cost basis can be adjusted for stock splits, dividends and return of capital distributions, wash sale, and used to decide the capital gain, which can be got by subtracting the cost basis and current market value.

The following will tell you how to run a Cost Basis Transaction Report

Click the item Cost Basis Transaction Report, you will get the following report window:

Basic Function
1	Report data information including Data Source, Create Date, Tax Payer and Page of Total
2	Display the cost basis details for all transactions in the current account and current period.
3	Display the total USD Amount

The following grid give a detailed introduction about the report .

Function	Description
1.Trade Time	The transaction date of the security
2.Action	Action name of the trade
3.Description	The information of the trade
4.USD Price	The share price at USD Currency price
5.USD Amount	Auto-Calculated by USD Price* Qty(Quantity)
6.Qty( Quantity)	The quantity of security you purchase
7.Hold Qty ( Hold Quantity)	The quantity of holding security
8. Cost	Aggregate Amount of USD Amount

There are two processes involved in using TaxACT® to file your trading gains and losses with TradeMax:

Step 1 : Export Trade Data from TradeMax

Step 2: Import Data into TaxAct

Follow the instructions below to export trade data from TradeMax then import the data into TaxAct.

Step 1 : Export Trade Data from TradeMax

The following will show you how to export trade data from TradeMax:

1. Run TradeMax, Click the specifc account and select the specific finance year.
2. Right click specific Fiance Year (e.g FY2009), a dropdown list pops up:

   

3. Select TaxAct Export option, a dailog box appears as below:
4. Save your data into specific directory.

Step 2: Import Data into TaxAct

Follow the steps below to import your TradeMax generated CSV file into TaxACT® Online version:

1. Open your web browser and navigate to your TaxACT® 2010 Online Deluxe account.
2. From the Q&A main menu, select the Federal Q&A tab.
3. Expand the Investment Income menu option, then select Gain or loss on the sale of investments.
4. Select Import from a brokerage provider  via a CSV file option.

   

5. Click on Import CSV File.



6. Click the Browse button.

   

7. Navigate to and select the appropriate CSV file you saved in your computer.
8. Next click Continue to begin upload and import process.
9. TaxACT® will attempt to indentify the column header data in the file as shown in the images below. Make sure that the header data is identified correclty, the click Next.

   

10. Next TaxACT® will prompt you to select which rows of data will be imported. By clicking the check box at the top of the Import column you can select all rows - typically the easiest method.

    

11. Click OK when prompted.

    

12. Now you will need to un-select the top two rows, and bottom two rows as shown in the images below. Then click Next to continue.

    

    Note: TaxACT® will now allow you to chose the owner of the data, if neccesary. Click Next to continue.

13. TaxACT® will list all data found in the CSV file, click Import to complete the data import.
14. Click Close when finished.

    

15. To review the import result click on Income under the Federal Q&A tab.
16. The total listed under Capital Gains & Losses should reflect the total gain or loss reflected in TradeMax (in addition to any other capital gains or losses you have already entered into TaxACT). Once you complete your online filing you can confirm your short-term and long-term capital gains and losses on the Schedule D form.