This is incredibly helpful :-) Do you know how specific you have to be? Is it ok to only include information about large trades and leave out fee's and tiny transactions and such?
Well, obviously I can't advise you but I personally have followed what you are suggesting to a small degree. I'm a calculated risk taker and while it isn't 100% accurate as it is desired by the authorities, I'm a small potato and the difference between 100% accurate and 97% for example is insignificant.
What they are looking for is that you are reporting all of your income and not hiding it. Most audits happen because income is under reported and usually noticeably so. I personally know a couple of individuals who spent time in prison due to trying to hide a good chunk of income.
Well, obviously I can't advise you but I personally have followed what you are suggesting to a small degree. I'm a calculated risk taker and while it isn't 100% accurate as it is desired by the authorities, I'm a small potato and the difference between 100% accurate and 97% for example is insignificant.
What they are looking for is that you are reporting all of your income and not hiding it. Most audits happen because income is under reported and usually noticeably so. I personally know a couple of individuals who spent time in prison due to trying to hide a good chunk of income.
I plan on finding someone who knows this stuff for a living but you’ve been great help!