How do I Record Stock Options in GainsKeeper?
GainsKeeper is a computer program that can help track net profits and losses in several capital gain markets, which are key figures when filing tax returns and preparing reports for superiors. Within the options market, gains and losses can be slightly more ambiguous when completing the bureaucratic process. However, the use of computer software can help you identify your tax obligations easily and more accurately, ensuring that you don't file your taxes or report revenue incorrectly.
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Instructions
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Gather information from your options contract, such as the symbol, trade type, transaction date, units, price per share, shares per contract and commission.
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Open GainsKeeper from the Start menu.
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Click on "Options," then select the "Record Sell to Open Transaction" page.
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Type all the available aggregated information into the fields, including the trade type, symbol, transaction date, units, shares per contract, price per share and the commission.
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Select the account that the transaction was made for by locating it in the drop-down menu at the top.
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Click "Verify Symbol." This tells the program to verify that the options symbol you typed is valid and also prevents typos.
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Click "Record" to complete the recording of your options transaction. The transaction will be visible in both the trade log and the symbol history.
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Tips & Warnings
Be sure to include all commissions and fees in your recording, as they are deductible from your taxes.
GainsKeeper provides a glossary of terms relevant to its software on the official website.
You can be convicted of perjury if you record false or misleading statements in taxes, including data generated from GainsKeeper.
References
Resources
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