Which of the following would populate the Buys and Sells
together automatically(not manually by the user), so you could see
your profits and losses, and which ones are easiest to install and
use?
I have trade log and really like it. It gives you reports in a
nunber of ways by date security averange share price gain and loss
any may others to mention.
I had gainkeeper with Scottrade for free. It was ok but just
gave the gains and losses.
If you're trading a lot you may want to look at TradeLog more. I
haven't used it but it's recommended by
Robert Green who's the man when it comes
to this stuff. Interactive Brokers now generates a Schedule D which
accounts for wash sales. That's good for most people but may
actually be a problem for me as I file on a mark to market basis
and don't have to do the wash sale thing. I have to call them to
see if I can generate another version. If you want to see what
their Schedule D looks like pm me. I use Quicken and while I like
it for most things it gets weird sometimes with trades (e.g. it
sometimes gets confused by shorts) so I don't even use it for
trading (only investing, banking, credit cards etc).
BTW in case any traders on the blog don't know -- you now have
to list every trade you made for the year --- NOT just a
summary.
I believe both of them will do that but I have not used
TradeLog. Quicken tries to do it but runs into problems like
thinking you're going short when you're closing out a long etc --
IMO not good for really active traders -- maybe TurboTax is better
though -- try some Googling with the various names -- you might
find a article comparing them or a chat discussion -- if you learn
much pls let us know
Taxes
Posted by winter39 on 22nd of Feb 2010 at 05:02 pm
Which of the following would populate the Buys and Sells together automatically(not manually by the user), so you could see your profits and losses, and which ones are easiest to install and use?
Excel, Gainskeeper, Microsoft Money,
Quicken, TradeAccountant, Tradelog?
Any thoughts appreciated.
Winter
taxes
Posted by RM686 on 23rd of Feb 2010 at 12:02 am
I have trade log and really like it. It gives you reports in a nunber of ways by date security averange share price gain and loss any may others to mention.
I had gainkeeper with Scottrade for free. It was ok but just gave the gains and losses.
Trade log will actually fill out your schedual D
If you're trading a lot
Posted by bkout3 on 22nd of Feb 2010 at 05:22 pm
If you're trading a lot you may want to look at TradeLog more. I haven't used it but it's recommended by Robert Green who's the man when it comes to this stuff. Interactive Brokers now generates a Schedule D which accounts for wash sales. That's good for most people but may actually be a problem for me as I file on a mark to market basis and don't have to do the wash sale thing. I have to call them to see if I can generate another version. If you want to see what their Schedule D looks like pm me. I use Quicken and while I like it for most things it gets weird sometimes with trades (e.g. it sometimes gets confused by shorts) so I don't even use it for trading (only investing, banking, credit cards etc).
BTW in case any traders on the blog don't know -- you now have to list every trade you made for the year --- NOT just a summary.
Tradelog, Quicken
Posted by winter39 on 22nd of Feb 2010 at 06:06 pm
Do you know if both of these bring together the buys and sells for each individual trade?
Thanks much for the info.
I believe both of them
Posted by bkout3 on 22nd of Feb 2010 at 06:29 pm
I believe both of them will do that but I have not used TradeLog. Quicken tries to do it but runs into problems like thinking you're going short when you're closing out a long etc -- IMO not good for really active traders -- maybe TurboTax is better though -- try some Googling with the various names -- you might find a article comparing them or a chat discussion -- if you learn much pls let us know
3 Little Excel macros and Turbotax
Posted by hillsyde on 22nd of Feb 2010 at 05:10 pm
I use these 3 small macros and Excel to create a TXF file to upload into turboTax
http://www.investotek.com/index.htm
It's a little funky but works flawlessly for me.............
Nice! Thanks for the tip.
Posted by user32 on 23rd of Feb 2010 at 01:17 am
Nice! Thanks for the tip.