IB 2009 gain/loss summary reports a total mess !!

Discussion in 'Retail Brokers' started by musicman, Feb 13, 2010.

  1. How may people who use Interactive Brokers have seen what a mess these idiots have made of the gain loss summary with the wash sale items.
    There is no way I can tie this into my 1099 B . If you import the summary into an Excel worksheeet and do a formula total of the columns you will get a different number then what Ib reported to the IRS on form 1099 B !!

    IB if you are reading this – I do not need you to tell me which of my trades are wash sales , just give me a summary of my trades that will match your 1099 or at the very least allow me to filter out the wash sale adjustments.

    Dumb Idiots !!!!!
  2. Ok I finally tied this into my 1099 but what a mess they made of this . At least they could have provided a filter to take out the wash sales from the report .
  3. gkishot


    I thought this will only be available on Feb 16.
  4. spindr0


    Any IB users who had a month last year where you had a net interest accrual debit due to indicatibe borrow rate fees? I've been trying to figure out the breakdown but no luck so far. I've tooled around their web site looking for an explanation but haven't had any success. Appreciate anyone who can unlock the keys to the kingdom :)
  5. JackR


    Can't you filter on the WS in the Code column?

  6. gkishot


    Do you have this feature enabled on your activity report? Just click on accrued interest row and you see the details.
  7. spindr0


    Thanks for the suggestion however, but yes, I have it enabled.

    I also have a template set up so that I can download an interest accrual report with breakdowns per issue for any time period desired. There are two problems I can't fathom.

    My monthly borrow charges add up to a lot more than they debit my account. As per their web site, they estimate borrow fees and in reality, they may be lower. But why would they include an estimate in the report rather than actual charges? Perhaps the web site info means the indicative rate (tho it didn't specifically say that).

    Second, my 1099 includes "X" dollars interest for the year but credit interest only shows up on the January statement. I considered the possibility that they were netting out the difference b/t credit and borrow but the total still isn't anything close to what the components add up to. The numbers just don't jive. I was just hoping that someone here had come across this and had figured it out.

    I guess I need to call customer support, something that can be frustrating at times :(
  8. They do not have an option to filter out the Wash Sales.
    In prior years this report was clean and would tie into the 1099.
    I only trade 5 different stocks . My gain loss summary was a total mess with all the wash sale bs .
  9. vikana

    vikana Moderator

    2009 is is the closets I've ever had IB's 1099 match the tradelog generated Schedule D1. This year the error is only 26 cents!

    What a joke, though. Seems like the numbers should add up correctly.
  10. gkishot


    Interest accruals = Debit Interest Details + Non-direct hard to borrow details.

    This formula holds true for my monthly and daily statements.

    Is it true for you?
    #10     Feb 15, 2010