The answer to this question is no. Old Past-it and kiwitrader vomit into every thread about IB with their asinine fanboy-ism. Granted, there are plenty of IB whinge thread in which the issue turns out to be the OP's fault, but OT and kiwi are in every other one as well. OldTrader was disgraced a while back and vowed never to return, only to pop up agian a few weeks later. Very, very weak.
Well, well, well. Here you are, yet again, personally attacking, with literally nothing to say about the topic. Talk about "vomiting" into a thread, eh dickwad? My sole contribution to this thread was my 10 years of handing over my statements to my CPA, who has no trouble at all with the statements, and particularly likes the new Schedule D. You call this "vomiting"? Now, what was your contribution again, dickwad? OldTrader
sadly, the answer is yes. i think i represent a lot of IB customers in that i am a customer by necessity rather than by choice. key word being "choice". much to my puzzlement, no other broker has stepped up to truly compete with IB. therefore, if you trade a lot of shares, plus trade index futures, plus trade copper, gold etc- they really are the only game in town. I don't chime in on the nut case threads, but, personally, i think IB trades against me/us. most of their profits come from trading, not commissions. if you trade volume, and have traded on a more "professional" platform before, after time i think you'd be hard pressed not to draw this conclusion. further, i feel IB is not very responsive to clients, even clients who generate well into 6 figures of revenue/year to them. TWS is a mess and i truly think they don't care. They will hide known issues and blame it on your connection, or computer, or anything but them. it's very frustrating when these things end up costing me several thousand dollars. i make enough of my own mistakes. I find it incredible that a broker can bring down their trading server for maintenance during trading hours, but IB has done this several times on a friday without notifying customers. now, it's not all bad. there are many good things about IB. thing is, with only 5% more effort, they could be a GREAT broker, they just choose not to. to me, given what to pay them, that is very frustrating. the reason for my post was obvious (and accurate)
Don't know how I missed your post. Has there ever been a negative thread about IB that I missed? Of course...here's one that started just the other day: http://www.elitetrader.com/vb/showthread.php?threadid=190513 Generally though I'll participate if I think I have something valid to offer, or a perspective that should be in the thread. Do think someone who has traded with IB for 10 years should give his input? I notice that you had no input at all about IB's accounting, just like TraderDik. You were here to spread a little innuendo about me. Why don't you give us some of your other alias's so we can get a feel for exactly who YOU are. The bottomline is that I definitely have input and a perspective when IB is unfairly critiqued. And I trust it's OK with you if I express it. LOL. By the way, I've posted a few complaints myself regarding IB...I guess you missed those. You evidently also missed it when IB responded to those complaints, as they have others, here on ET, and corrected the problem with TWS. Now as to your subsequent post: So you think they "trade against you" eh? Maybe you could amplify that a bit. Because for instance IB is a very well-known and large market maker. They say in their annual report that they make a market in over 5500 securities. So if you're an active securities trader your odds are high that you will make a trade at some point that they will be on the other side of. So what? I'm not an especially active stock trader, but even I've done a number of trades with Timberhill. I didn't see any problem with it. Evidently you think they're taking advantage of you somehow eh? What, you think they run your stops? LOL. Or you get a worse fill? C'mon, let's have some details here, you made an allegation, let's here some facts now. Really? Are you talking about during the day? I don't recall any incidents of this, ever. I recall the system going down once in a while (though frankly I can't remember the last time right now). But taking down their system for maintenance? Maybe you mean when there perform their maintenance at night? But as far as I know that's every night. Again, let's hear some details from you on this. OldTrader
Bob: Just downloaded and tried mine. Excel 2003. Worked fine. Since I mainly do futures the Excel is just about 100 rows of options and exercises. If I remember correctly Excel 2003 can handle about 64,000 to 65,000 rows and then tells you it has a problem loading. You might also try renaming it to get rid of the extra periods in the file name. Some systems don't like U12334.2009.fSchedD.xls. Jack
Thank you for info Jack! question to all: does wash sale rules applies to corporations and small businesses like LLC? we have small LLC formed in 2009 and we trade from this corporate account. on Sch D from IB -they did applied wash sale adjustments on some trades, but i was unable to find any info about wash sale rule for corporations on IRS website and my accountant is also saying that rule shouldn't be applied.. i'm f* lost here.. i would appreciate any information about how you guys threat wash sales when trade using Pass-through entity. Thank you!
Do you report your trades on Schedule D and not on some other form? Just a guess but if you report them on Schedule D it seems like wash sales apply. You probably already know this, but for next year consider taking the mark-to-market election. You have to elect one year in advance though from what I remember. I know the wash sales were just killing me so I elected mark-to-market and now my taxes, while still painful, are not as hellish.
i know about M2M election and that's what i'm proposing for this LLC(since rules how to reverse this elections after you done with trading as an induvidual are still not clear to me), but my CPA says-you will loose staight deduction on your expences(initially main purpose for this LLC)
Ok well speaking as an individual with no LLC, I know that I can report my expenses on Schedule C and report my transactions on Form 4797 as mark-to-market. I don't see why it would be any different for an LLC but maybe there is a reason. Good luck.