how to generate accurate gain/loss statement free of wash-sales this year's IB acct.?

Discussion in 'Professional Trading' started by bigpig41, Mar 4, 2012.

  1. do you export all your trades to some software? I'm under mark-to-market accounting with the IRS and have found that the total wash sales in the short and long sections of my 1099B differed from the ones listed in my 2011 activity statement by over 50 thousand dollars.

    Guess I'm understanding from IB that the 1099B won't provide cost-basis or proceeds for "non-covered" securities and that is different starting this year?

    Any input appreciated.
  2. Bob111


    this question been discussed to death is will be webinar on monday @ 4:30. use search.

    all noncovered trades are in 8949 form(probably in column 'g'), use 8949 to match it and send copy of it to irs

    numbers seems to match in my statements(see my method of calculation ),but biggest question-how to file all this in one line?
  3. my point exactly......those multiple posters on the thread you provided the link to are convinced there are multiple errors on their 1099....sigh! so even if we go to the extra effort to make sure all the entries are correct on our filing to the the 1099 IB's providing accurate or are the wash sales wrong?

    has anyone detected any errors in the trades that are actually recorded on the IB 2011 year long activity statement under the "Trades" section???? since my wash sales differ by over 50K on the 1099 and the year long activity statement i guess i may try to use the trades section of the activity statement for the realized gain/loss and then adjust for the wash sales that i don't need to use. So, is the math correct on the gains/losses for the trades on the activity statment and has anyone had any missing trades?????