They do this all the time.... what happens is this ...
The brokerage firm only reports the proceeds of sale
yes that is true
So until you file and do that schedule D that shows all the ins and outs... they see that as all profit
Many time the brokerage firm will havew what they call a schedule D report
must I file shedule D? it is very hard as import in not available
I know TD ameritrad does, for example
this relates to 2010 and no longer is available
Sorry, but yes that's the only way ... NOW, you can attach the activity report that substantiates a consolidated buy number and sell number ... (which means you don't have to list every single trade)
Your brokerage firm has to keep that byn law
They can run it for you, if you don't have acess onlie now
I had the very same happen to a client
We filed the return with the schedule D report from TD Ameritrade and it was all over
He only had about 20,000 in there, and ended up with a loss of about 2300 at the end ... they said he owed over $600,000
You can get an online version of turbotax for about $59 for 2010, whip out a return and send in the statement as documentation... That would do it.
I have turbo tax for 2010 but it does not accept pd file transfer and they said to enter everything one by one
I would consolidate
Given that the loss will be obvious, and you do't have any other income
Just enter one buy and one sell, and attach the statement
so you think it is worth a try signing the report and attaching the brokerage statement will all the transactions
That worked fine for my client ...
what does it mean ?
Absoulutely, if you don't file for that ywar and show them that you actually lost money ... this will never go away
What does what mean?
ok thanks I will try it
Just get the return to print and send a COPY of that statement
many thanks I hope so
You'll be fine... there are actually new laws in place now starte in 2012 that make the brokerages report both ends of the trades
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yes I noticed and that seems to be just fine to avoid problems like this
thanks for your help I feel a bit relieved that it happens to others as well
will they let me know if the return was accepted or I need to contact them?
No problem, glad to be of help ... it's actually pretty common (scare tactic) that's why there was enough political clout to make them change the laq
ok have a nice day will get to it now
You can go online to their site and use that function, or you can call, but they will probably do nothing ....... but stop hounding you
well that would be enough thanks
Use the Where’s My Refund? tool to follow your tax return from receipt to issuance of your refund. While your tax return is being processed you can follow it through three states: Return Received,Refund Approved and Refund Sent.
thanks perfect I am happy with your response
You positive feedback is thanks enough :)
I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.
ok no worries