How To Use Audit My Broker

In this article we will review how to use audit my broker

Audit My Broker provides 4 key functions:

1) Comprehensive Audit

Ensures your trading records are meticulously examined for any discrepancies, providing a clear, accurate depiction of your trading performance over the fiscal period.

2) Wash Sale Identification

Automatically flags wash sales, helping you understand the tax implications and aiding in more informed future trading decisions.

3) Error Checks

Provides a user-friendly platform to rectify any discrepancies between your records and your broker’s reported data, putting you in control of your financial narrative.

4) Customized Gain/Loss Calculation

Adjusts the gain/loss calculation based on your selected accounting method with your broker, ensuring the figures on your tax forms are precise and compliant. From there you can export your tax forms.

To Use Audit My Broker

Under New Report Select "Audit My Broker"

Then Select Cash or Mark-To-Market

**Most people will use the cash method of accounting. You will use mark to market if you have a section 475(f) election on file with the IRS**

From there you will need to select the correct tax year and "Add Account". Each Account will also need a unique "Account Name".

Once you've added an account you will select your brokerage firm.

A list of supported brokers are provided in the drop down menu. Its important that your data set matches the export instructions provided in the help center. If your format is unsupported select "Trader Fyles" and you can download our template to upload your data. Simply format your data to correspond to the template.

Once all brokerage firms have been added you are now ready to "Generate" your tax report.

Next you will select "View" to view the newly generated Audit My Broker Report

In your report you follow the steps to ensure your report is accurate. Once all is well you are ready to generate your desired reports.

For a more in depth walk through feel free to watch this video.