i don't understand the bitching here. theres a ton of awesome trading tax software programs for $50 are so that will download your whole year from ib and print it out as a sch sch d in 1 minute and its accuarate as hell. if you've made hundreds are 1000's of trades why put yourself threw the hell?just google sch d software and shop around
In the past a single line with a "details available" was good. About 18 months ago a change made by the IRS that said everything was supposed to be listed separately. The need for such item-by-item reporting was disputed in typical ET fashion with much fire and brimstone. I don't think the IRS paid any attention. Most options are short-term capital gain issues but LEAPS can be long-term. I list everything. But, I have a program that produces the Schedule D (and lots of D-1's), so it's easy. Jack
My sch d for 07 matched my 1099 for sales amounts totals. Last year it did not. Good job IB. I appreciate you fixing this error and making the sch d worthwhile.
In one of our accounts, 1099's sales proceeds did not match with Schedule-D's sales--though there were no options or over-rhe-year positions. Currently IB says 1099's correct but Schedule-D is not. They wanted this week for a revised Schedule-D.
it is not the Schle D. The future contracts total in the yearly statement for 2007 and 1099 don't seem to match.
IB's 1099s only include the sales that the IRS requires to be reported on the 1099s. The IB Schedule D worksheet includes options, but IB's 1099-B total does not. The IRS does not require that they be reported via 1099. The Schedule D worksheet is just that, a worksheet. You may or may not report a specific option trade as it may be included in the basis of a stock trade. Jack
Question off the topic: does anyone know if the option premium can be categorized on schedule A as investment expenses?
No, as you realize normal cap gains/losses on options.... unless you were assigned an exercise in which case you adjust your basis on the underlying... and unless it's a straddle, which would be too complex to explain the various permutations here.
From your post I understand that in some cases the option premium can be deducted as investment expenses? Correct?