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fhl
Registered: Nov 2005
Posts: 3042 |
06-15-12 07:57 PM
I guess we can avoid all this by either dumping all trading stocks for a period of thirty days starting sometime around the first of december, or sometime in december. Then start daytrading stocks again after the thirty day period. Or, if you are very careful, you can trade during that time, but make sure you don't do something to enact the wash sale rule.
The other point to consider, though, is even if you do this, can we trust the broker we use to account for all this properly and not screw up what they send to the IRS about what we've done.
Your opinion on this, Robert?
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zigzag
Registered: May 2009
Posts: 102 |
09-19-12 03:34 AM
Quote from Robert A. Green:
Video update on cost-basis reporting filing crisis. Recorded at the Traders Expo Dallas on June 6, 2012
Tax Flubs That Can Cost You Thousands -
http://www.moneyshow.com/video/vide...scode=027084%20
Released: 6/12/2012
Complex new trader tax legislation is already creating havoc among brokers, and for taxpayers, misinterpreting the rules could mean overpaying by thousands, warns Robert Green.
I also worked on a letter today being sent to the upper echelon of the IRS on this matter requesting further relief for taxpayers. It's being sent by a major accounting organization with clout.
Has anything come out of this letter? With the extended deadline less than a month away, what options do I have if I still don't have an accurate 1099-B?
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atticus
Registered: Mar 2007
Posts: 12635 |
09-19-12 04:22 AM
Quote from Bob111:
i've been saying this for years. call me a conspiracist or whatever.
for over a decade there was no single rule been implemented that would be in favor of regular joe,who trade\invest in US stocks.
starts from decimalization,then PDT rules,dark pools,internationalization,hft whatever... . this one is just another step to kick us out of the markets..that's how it's feels like. at least to me.
You sir, are absolutely correct.
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humpee
Registered: Sep 2012
Posts: 1 |
09-19-12 06:07 AM
I am a Tradelog user. My broker is Fidelity. I am wrapping up before the extension expires. In the reconciliation step Tradelog found a $184.00 difference in the sales that was nonthreatening and in the right direction. But the 8949 had an adjustment at the end, a so-called "plug-number" type B, of about $2.5M addition to the cost basis column with an offsetting $2.5M added to the gain-loss column.
I have talked to Fido and received little help so far and a refusal so far to issue a corrected 1099. Tradelog support cannot help because they say they are not CPAs, and they cannot explain the adjustment they made. CPAs are all hedging left and right and praying for the IRS to back off given the mess they made.
Robert, if you were me, and after another year of losses cannot afford to give thousands more to a CPA, what would you do? I have read all your advice: blogs, MoneyShow videos, Tradelog pointers, etc etc, and this forum. But I still do not see a way to accurately account for this Tradelog adjustment, and I do not understand why they cannot or will not explain it either. 
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Free Thinker
Registered: Nov 1999
Posts: 14316 |
09-19-12 02:06 PM
Quote from zigzag:
Has anything come out of this letter? With the extended deadline less than a month away, what options do I have if I still don't have an accurate 1099-B?
send in you taxes figured to your best ability and let the irs figure it out. if they find something they dont like all they will do is send a letter asking for clarification. worst case. you have to pay them more.
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nkhoi
Moderator
Registered: Aug 1999
Posts: 8803 |
09-19-12 02:49 PM
Quote from Free Thinker:
send in you taxes figured to your best ability and let the irs figure it out. if they find something they dont like all they will do is send a letter asking for clarification. worst case. you have to pay them more.
that was what I did, never hear anything form IRS. I guess they are scared of paperwork too.
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