Irs

HELP PLEASE!

My 1099 stocks gross proceeds for 2002 do NOT match the figure in TradeLog. It's off by almost a half million dollars.

Does anyone have similar experience or clue how this may happen?

I use IB, and they state 1099 is gross proceeds figure are SELLS only. Ok, but when you short a stock, and buy it back, which is the sale according to IB? Is it the initial shorting or the buying back that is considered the sale?

I need help!

Thanks.

 

I think filing deadline was 4/15!

 

He probably filed for extension and should go see a tax accountant to make sure everything is correct for just a few hundred dollars.

Well spent money and gets rid of a lot of stress.

NihabaAshi

 

Tradelog counts shorts as sells for "gross sale proceeds"....so they should match up.

Verify that you imported any open trades from the previous year into TL BEFORE importing ANY data for that year.
I'd guess positions from one year to the next may be one culprit.

If you can't hunt it down, make a new TL file from scratch for 2002....and import the data from your IB MONTHLY statements.

Make sure your TL is updated.

Hope this helps.

 

Thanks to Nihaba & MR NBBO for taking the time to reply. I really appreciate that!

I have found the problem but brings new questions. IB has only included transactions from my old stock account from 1st half of year. Last half of year I switched to new universal account and none of these stock transactions made it into my 1099 form for 2002.

This isn't right is it? Shouldn't the entire year be included? Did IB make a mistake?

Def, anyone with IB account .. HELP?

Thanks.

 

bumping..

 

You should have a different 1099 and trade list for the new account, my account still shows both yearly summaries and 1099s.

 

Didnt see this till now. You should be able to see both accounts on the statement. I forget exactly where but look at the statement on the site top to bottom and I think you'll see a link or the info.

 

Thanks all for your help.

Are futures subject to wash sale rules -ES,NQ,YM-

 

Those futures are not subject to wash sale rules. (I don't know about single stock futures.) You can check the IRS website for wash sale rules, how to handle futures, etc. www.irs.gov