Looking for good information on tax ramifications of options and Schedule D software for options.
Anyone know of any good summaries for the tax rules for options, the IRS regs are incomprehensable. Additionally looking for good software to utilize with Schwab to fill out my Schedule D.
thanks
Answers
321 points
charlo answered one year ago …
Smartmoney.com had a decent article in terms of preparing taxes for options. Primarily goes over puts and calls however. Nothing excessively indepth. However, the ultimate source really is the IRS regs, and end of the day, you might have to go through with it if you need to be certain.
http://www.smartmoney.com/tax/capital/index.cfm?story=options2
If you need a good software the best tax software that is out there is turbo tax. I would choose that over tax cut or H&R Block's software. If your options are for personal trading, then you can get the Turbo Tax Premier package which is catered to investments in addition to all the necessary normal tax filings. If you've set up a separate "company" for trading, then you can use their Personal and Business package. Regardless all Turbo Tax softwares allow you to import directly from most US brokerage accounts. I know Schwab is in the list. Hope that helps.
102 points
nolosoft answered 8 months ago …
Do you mind have a look at TradeMax? A full featured tax software specifically designed for active investors or traders who have multiple accounts to manage their trade data, maximize their gain/loss strategy, prepare their Schedule D.
TradeMax® debuts innovative new tools that enable active investors or traders to effortlessly manage all their trades across various accounts.With customizable Vista® style “Views”. TradeMax® delivers important investment account information right to the desktop, without the need to access Internet. Users can manage their trade data, maximize their gain/loss strategy, prepare their Schedule D. It can import trade data from all kinds of formats files, monitor realized/unrealized gains &losses for current positions, adjust wash sales events, report capital gains/losses in printed Schedule D format or export to popular tax software such as TaxCut®, TurboTax®.
All TradeMax® products are available today at http://www.nolosoft.com.
511 points
songcon answered 3 weeks ago …
OptionsExpress, Scottrade have GainKeepers and it can take care of your reporting your option trading beautiflly for tax purpose.
You can contact GainKeepers to subscribe their service and you download the tax report to Quicken. But the price is not cheap especially when you trade a lot.
You are an option trader and you stay with Schwab !!!
