You're actively engaged in the purchase and sale of stocks, options, and mutual funds, and you love it! What you don't love is having to fill out IRS Schedule D, detailing your capital gains and losses, every tax year. That's a lot of trades to keep track of! Thankfully, there's Track Your Trades to make sure that you never have to manually fill out Schedule D ever again!
Track Your Trades lets you track your stock, option, and mutual fund transactions, automatically generating the IRS Schedule D Capital Gains and Losses report for you! And not to worry, the required Form 8949 list of each individual gain or loss is included. With Track Your Trades, there's no need to hunt for brokerage statements, or little slips of paper that have fallen behind your desk. Best of all, the Schedule D produced by Track Your Trades can be viewed or printed, or even exported to tax applications that include TurboTax and H&R Block at Home, TaxAct, or as a Microsoft Excel spreadsheet.
When it comes to getting trade data into Track Your Trades, you have a number of options. You can enter trades manually or import them from an online broker, or do a combination of the two methods (option trades are entered manually). There's automatic basis calculation for sales and buy-to-cover trades, plus the option to select from various cost basis methods. Other features allow you to view your trade history, find the average price paid, check long-term vs short-term capital gains, and check your rate of return.
The real benefit of a program like Track Your Trades comes when you discover that the program actually helps you to reduce or avoid capital gains taxes completely! As part of a strategic tax selling approach, Track Your Trades can help you identify trades that will help your overall capital gains tax situation, even providing a "What If" wizard to let you know the outcome of a potential trade! You can even view a report that will show you which of your shares qualify for the lower long-term capital gains tax.
Review Written by Derek Lee
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