Tax Reporting Tips

  • Last Updated:
  • Jan 31st, 2021 11:22 am
Deal Addict
Jun 28, 2018
1025 posts

Tax Reporting Tips

Not sure if this would be useful as a general Tax Reporting related thread for investing.

I'm starting to work on my 2020 taxes and realized things went pretty nuts compared to 2019 with the number of closed trades doubled (Approximately 150 --> 300. Mostly from writing weekly Calls/Puts).

Any recommendations to keep things clean and efficient when reporting the taxes? For visualization I made a screenshot of what I'm looking at for reporting.


Question 1
Current: Copy exact "Proceeds" and "ACB" to show the "Gain".
Proceeds: $6,348.50
ACB: $3,536.92
Gain: $2,811.58

Proposed: Would a more efficient way be to just enter the "Gain" as the "Proceeds" and leave "ACB" blank and enter $2,811.58?

Question 2
Current: Report each trade enter their individual Proceeds/ACB?
Proposed: Collapse each to a single description or Symbol? Example "Short Put: MSFT" (for Option) or "SVI"/"BCE.PR.H" (for Equity)
210 Put MSFT OCT 30 2020
210 Put MSFT DEC 18 2020
210 Put MSFT Nov 27 2020
195 Put MSFT DEC 31 2020
228 Put MSFT DEC 24 2020
217.5 Put MSFT DEC 24 2020

285 Call MSFT OCT 16 2020
260 Call MSFT Nov 06 2020
217.5 Call MSFT DEC 18 2020
250 Call MSFT DEC 31 2020

Short Put MSFT
Short Call MSFT
Tax Reporting Symbol Proceeds ACB.jpg
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm: