I got an email from Ib saying it was there. BUt all I get on my statement pages are the usual monthly and daily?
Mine was available over the weekend and I've printed it out. They're probably rolling it out over a few days.
When it comes to filing as a trader, what do you need to send for commodities trades? Just printout the entire year-end statement? Or do you just need to provide net profit/loss for section 1256 contracts?
Most people with any kind of volume provide a total line only. Personally, I provide one line per account per type of instrument (stocks, options, commodities), so they match up nicely with the 1099s.
Check everything carefully. My yearly statement did not contain a 100 lot option purchase that was on one of my monthly statements. (I spent a lot of time using Excel to find the error.) Also, the 1099 had my dividends collected correct, but did not subtract the dividends paid out. Shouldn't they have netted out for the 1099?
I've been filing as trader for 5 yrs now, but this is first year trading commodities almost exclusively. My accountant was worried about my status because I had very little reported under sched D gross sales, so just wanted to make sure it was all right to just have single line profit/loss under form 6781. My year-end transactions list is 160+ pages long.
Could ypu elaborate? Does this mean I don't have to list ever single trade? Just one line for all stocks? Boy, that would be great! Thanks.
i never file every trade. all i do is put in description-Interactive Brokers,various, put sum of all trades,sum on exit minus comm and data,etc fees and that was it. work for me for last 5 years..
I have been doing it that way too. So far, the IRS has not objected. I have heard that the IRS prefers not to get the detail, and I heard of one case where they said that in writing. I have also heard that they do want the detail. I have not heard of anybody being penalized for reporting the way Bob and I do.