Comments on: What is the best/easiest software to use for tax preparation if you are a commodities trader? http://www.commoditytradingonline.info/commodity-trading-software/what-is-the-besteasiest-software-to-use-for-tax-preparation-if-you-are-a-commodities-trader Trade World Commodities Online Mon, 12 Jul 2010 12:57:14 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: K Soze http://www.commoditytradingonline.info/commodity-trading-software/what-is-the-besteasiest-software-to-use-for-tax-preparation-if-you-are-a-commodities-trader/comment-page-1#comment-562 K Soze Mon, 29 Dec 2008 20:43:59 +0000 http://www.commoditytradingonline.info/commodity-trading-software/what-is-the-besteasiest-software-to-use-for-tax-preparation-if-you-are-a-commodities-trader#comment-562 I think you can still use Turbo Tax. Just create an excel spreadsheet with the usual information (purch date, cost, sales date, sales proceeds, short term capital gain (loss), and long term capital gain (loss) and name the spreadsheet "Attachment A." Subtotal your short term transactions and long term transactions separately, then a final total for both. Then go into Turbo Tax and on Schedule D, just put one line item for all the commodities. Call it, "Please see Attachment A," put in the total gross sales proceeds and cost for the short term transactions, then do another line with the same exact description but only put in the long term transactions. These two line items on the tax return then must match your Attachment A. Now this is where it might get tricky. I don't know if in Turbo tax, you can tell it whether the software that the gain is long term and short term. It should. Oh, if it works, be sure to attach the excel schedule as the last page to the tax return.<br><b>References : </b><br> I think you can still use Turbo Tax. Just create an excel spreadsheet with the usual information (purch date, cost, sales date, sales proceeds, short term capital gain (loss), and long term capital gain (loss) and name the spreadsheet "Attachment A." Subtotal your short term transactions and long term transactions separately, then a final total for both.

Then go into Turbo Tax and on Schedule D, just put one line item for all the commodities. Call it, "Please see Attachment A," put in the total gross sales proceeds and cost for the short term transactions, then do another line with the same exact description but only put in the long term transactions. These two line items on the tax return then must match your Attachment A.

Now this is where it might get tricky. I don't know if in Turbo tax, you can tell it whether the software that the gain is long term and short term. It should.

Oh, if it works, be sure to attach the excel schedule as the last page to the tax return.
References :

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