Gain-Loss Tax Reporting Software

(Schedule D, Form 8949 and Form 4797 formatting software)

Most retail brokerages are required to provide gain-loss reporting to the IRS, with a copy sent to the taxpayer.  There are several software products available to supplement and help reconcile this information.

  • TD Ameritrade, powered by GainsKeeper® provides cost basis and capital gains calculations for transactions. Realized gain/loss reporting can help you complete your Schedule D or Form 4797. Reports can be run with or without Wash Sales. A separate open positions Mark-to-Market report can be run. Positions and market values are updated nightly. Download Realized Gain/Loss Report. Also, download the report as a spreadsheet *.xls. And get open positions from [Accounts] [History & Statements] Statements and don’t forget to add and subtract positions affected by month-end unsettled trades. Optional: Send us a “link accounts” invite via your Ameritrade account to access your records directly (then unlink a few days later once the data has been reviewed). Go to [Client Services] or to [Home] or to [Portfolio & Accounts], then under [My Profile] select [Link Accounts] and then [Grant access] or [Send A Link Request] and then input the user ID which we will give to you upon request. Once we are completed, you go through the same procedure again, except select the user ID and click [Unlink Accounts].

  • Interactive Brokers, provides cost basis and capital gains calculations. Realized gain/loss reporting can help you complete your Schedule D or Form 4797.

    • ○ Select Report Management (Account Management), then select Tax Forms and go to Schedule D Gain/Loss Summary Worksheet. Open, View and then Save both a PDF and a MS Excel file. Note: do not save the Excel as the default HTML/Web, but save it as a spreadsheet *.xls. Then
    • ○ view and print (or save) the Form 1099;
    • ○ view and save the IRC Section 1256 Gain/Loss Summary Worksheet as both a PDF and an MS Excel file, and
    • ○ view and save Dividend Report (Schedule B) as an MS Excel file.
    • ○ Then go back and Select Report Management, then select Reports, then select Activity – Statements – Default – Calendar Year – Format: PDF,  then view and download/save the full-year report.

  • Analysis:
    • ○ Go to M2M Performance Summary and take the total gain/loss Stocks + the total gain/loss Equity and Index Options to use on Schedule D or Form 4797.
    • ○ Take the total gain/loss Futures + the total gain/loss Options on Futures to use on Form 6781
    • ○ Go to the last page of the M2M Performance Summary to prove out the above and to get net margin interest and deductible fees
    • ○ Go to Cash Report for FOREX or Cash FX Translation gain/loss.
    • ○ Finally, prove out the ending cash by adding the above to the Starting Cash.

  • Charles Schwab, Realized gain/loss reporting can help you complete your Schedule D or Form 4797. Select Accounts, then History, then select Gain/Loss and/or go to to the Realized Gain/Loss report (Schedule D). Select the appropriate dates, then select Expand All Accounts and/or then select Export. Also select Account, then select History select (Beyond 24 months). Select Statements select Tax Forms then Search for Documents and select Year End Gain Loss Reporting 200x and save the PDF. Also, select 12/31/2x Brokerage Statement and save the PDF. Alternatively: Select Account, then select History and go to the Realized Gain/Loss report, then select previous calendar year – look at the beige band at the top of the page, click “export” > a pop-up window appears, click “OK”

  • Fidelity.com, for only the most recent 90 days and only as a download into Quicken or MS Money. Some people believe that this data is filled with errors due to Fidelity’s continual, retro-active changes made for wash sales adjustments. As noted from the Fidelity website:

    Q. Are there any instances in which Fidelity data varies from the manner in which it is displayed by Fidelity?
    A. Yes. Some transaction types do not appear in the information displayed once you download your account. You can always refer to your account on Fidelity.com or your regular account statements for an accurate representation of your account history. Alternatively, selecting History allows screen views of the last 18 months of transactions which are displayed no more than 90 days at a time. This would require 5 screen-shots for a full calendar year and this would need to be done no later than June of the following year 

    Q. Can I use the information displayed on the Realized Gain/Loss pages for tax preparation?
    A. Fidelity is required to report proceeds from sales of securities to the Internal Revenue Service. Fidelity provides cost basis and associated realized gain and loss information to you as a courtesy service. Such information may not reflect all adjustments necessary for tax reporting purposes. You should verify cost basis and corresponding gain/loss information provided by Fidelity against your own records when calculating reportable gain or loss resulting from a sale.

    You are solely responsible for the accuracy of cost basis and gain/loss information reported to federal, state, and other taxing authorities. Fidelity makes no warranties with respect to, and specifically disclaims any liability arising out of your use of, or any tax position taken in reliance upon, Fidelity-provided cost basis and gain/loss information.

    http://personal.fidelity.com/webxpress/help/topics/learn_realized_gain_loss.shtml