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Robinhood free stock trading/stock trading tax paperwork?

tennis4789 890 383 January 24, 2016 at 12:04 AM in Finance (5)
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Anyone used robinhood. Fyi It lets you trade for free.

https://www.robinhood.com/

Are you happy with it? Possible to short with it?

How much paper work is involved for taxes? If I make 365 trades in a year, how much work is it for tax preparer? Worried cost more for tax preparation than what I would make.

TIA.

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I have used it for some basic purchases. I buy and hold, so couldn't tell you about tax costs or implications.
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Quote from tennis8363 View Post :
I have used it for some basic purchases. I buy and hold, so couldn't tell you about tax costs or implications.
Noticed your screen name is Tennis too.

If I have to pay my tax preparer an extra $200 because I did 25 trades. It's not worth my risk. Anyone have experience with how much extra work it is? I would think it is about same as if I made 25 trades through etrade. But still don't know how much paperwork 25 trades would be through any brokerage.

Little help on this TIA.
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Quote from tennis4789 View Post :
Noticed your screen name is Tennis too.

If I have to pay my tax preparer an extra $200 because I did 25 trades. It's not worth my risk. Anyone have experience with how much extra work it is? I would think it is about same as if I made 25 trades through etrade. But still don't know how much paperwork 25 trades would be through any brokerage.

Little help on this TIA.
There is zero difference between making 25 trades with Robinhood and any other broker. All of the same accounting rules apply and you will receive the same documentation.
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Quote from tennis8363 View Post :
There is zero difference between making 25 trades with Robinhood and any other broker. All of the same accounting rules apply and you will receive the same documentation.
Would you know how much paperwork is involved? Would my tax preparer have to write down every trade cost basis etc. etc.? Or is there a one sheeter that Robinhood mails out?

I've searched this and can not find an answer. How much work is daytraders taxes 2,000 trades? Easisest way to find this out to call Brokerage house like Fidelity?

I don't want to spend very much extra for tax preparation. TIA
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Quote from tennis4789 View Post :
Would you know how much paperwork is involved? Would my tax preparer have to write down every trade cost basis etc. etc.? Or is there a one sheeter that Robinhood mails out?

I've searched this and can not find an answer. How much work is daytraders taxes 2,000 trades? Easisest way to find this out to call Brokerage house like Fidelity?

I don't want to spend very much extra for tax preparation. TIA
did not try this but in robinhood you can import your robinhood document directly in turbotax
https://support.robinhood.com/hc/...tegrations

again i did not try this yet
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Quote from daniel32 View Post :
did not try this but in robinhood you can import your robinhood document directly in turbotax
https://support.robinhood.com/hc/...tegrations [robinhood.com]

again i did not try this yet
Thanks for info. Think I am going to try to do my taxes for last year by hand. Then have my preparer check and submit it.

Although I didn't trade any stocks. Will stop by IRS office and talk to them. They are typically pretty helpful.
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#8
Just look at what you need to fill out in schedule D
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