IB customers' tax statement

Discussion in 'Index Futures' started by neoxer, Feb 5, 2002.

  1. neoxer



    The statement I received reported *only* profit/loss, without putting the commission fees into the calculation.

    The question is: If I understand the law correctly, commission fees should be substracted from your profit/loss. Is this right?
  2. ddefina


    Yes. IB will report your gross proceeds to the IRS. Just make sure your tax return agrees to their gross proceed number (otherwise red flags go up at IRS), and add the commissions to your cost basis to deduct.
  3. For futures, yep, commissions (as well as certain other fees) should be included (i.e. deducted) on your 1099-B.....different than stock sales which merely show gross proceeds.