Establish your starting point. What are baseline positions?
Baseline positions are the positions held open going into the start of the first tax year using TradeLog. For example: if you start using TradeLog for the 2023 tax year then your baseline positions are all of the holdings as of December 31, 2022.
Baseline positions must be entered into TradeLog in order to generate accurate trade matching and tax reporting for the first year. TradeLog will automatically track and carryover your baseline positions for each subsequent year that you properly use TradeLog for.
If you used TradeLog last year and followed all 8 steps of this guide, then your baseline positions should all be properly recorded in a Tax File for this year. Please find this file and continue on to step 3.
If you did NOT perform all 8 steps, and cannot find a file for this Tax year, then you need to find your last year Tax file and make sure you perform all 8 steps, especially step 6 which creates your current Tax Year data file.
We strongly recommend using the Baseline Positions Wizard to guide you through entry of your baseline positions:
Once you create a new account tab in TradeLog, the Baseline Positions Wizard will automatically begin.
Alternatively, you may manually enter baseline positions:
If you held positions open from the previous tax year that carried through to the tax year you are working on, and you are using TradeLog for the first time, you may choose to manually enter each open position into TradeLog prior to importing your trades for the current tax year.
If you are confident that you do not have baseline positions you may skip to the next step:
Please make absolutely sure that you do not have baseline positions by reviewing your December statement of the prior tax year. Two sections of the statement need to be examined: (1) Holdings as of December 31; and (2) Trades Pending Settlement. TradeLog records transactions based on trade date. If there are trades in the prior tax year that are pending settlement, you must account for these in your baseline positions.