Ending The Tax Year for MTM

• Creates a new data file for the next tax year with the same name as the current tax year data file. For example: "2023 John Doe.tdf" would generate a file for the following year named "2024 John Doe.tdf".
   
• Enters fair market value price for all positions held open at year end. Then TradeLog makes necessary mark-to-market entries to close the tax year and open the next tax year.
   
• Moves forward all positions marked-to-market at year end into the next tax year data file.

Running the End Tax Year Function with MTM Accounts:

• Please see the lesson: End Tax Year in our Video Tutorials for a video discussion of how to use this function in TradeLog.

• From the File menu, click End Tax Year 
   
  
   
• TradeLog will prompt you to confirm that you have completed all necessary steps prior to running End Tax Year.
   
  Read the warning reminders and click Yes to continue.
   
• For MTM accounts that have positions held open at year end, TradeLog will automatically find the historical year end fair market price for each position.

  If the price cannot be located, TradeLog will leave the price blank, and you will need to manually enter the year end fair market value for each of those positions as of 12/31 of the relevant year.

  

  Year-end prices can often be found on the broker's statement for December of the tax year. Please make sure you verify the prices found with your statement.
   
• TradeLog will make the appropriate adjustments and confirm completion. It will also create closing records for those positions with a date of December 31st and the year end price that was entered. Then TradeLog will create January 1st positions with the same price. The next year data file will be located in the same folder as your current file - which is by default the MyDocuments/tradelog folder of your hard drive.
   
  Click OK