Want to make sure your tax season goes quickly and smoothly? The tax filing due date for investment clubs has been moved to March 15 2017 for your 2016 taxes. This gives you less time to get your taxes prepared once you get your 1099 forms from your broker in February.
But... There's lots of information you can get from your brokers website right now that you can use to check your bivio entries when you have a sale or a stock you own goes through a reorganization with tax consequences. Make it a point to learn how to find it and help yourself avoid any last minute delays or surprises. One of the most useful reports you can get from your broker is called a "Realized Gain/Loss" or "Closed Tax Lot" report. All brokers provide these now. For any stocks you have sold, the report shows the cost basis and gain/loss details for each Lot that you sold. It is the same information that will eventually be reported on your 1099 form. You can compare the brokers information to what is on the bivio Capital gain and loss report as soon as you have a sale. That way you can make sure nothing will show up at tax time that you'll need to try and correct when time is at a premium. Make a point now to figure out how to find and download this valuable report from your brokers website. If you don't know how to find it. Ask this list. There's sure to be someone in another club that uses the same broker and can help you out. |