is IB's 1099-B WRONG or what?

Discussion in 'Retail Brokers' started by chewbacca, Mar 8, 2008.

  1. why are sales of options excluded from the number reported to irs yet sales of stocks are included?
  2. If you would take the time to read the IRS instructions to brokers for 1099-B reporting you would see that brokers are not required to report option transactions.
  3. doesn't fucking make sense......if the broker is going to report anything they might as well report everything.....and eliminate all possibility of tax evasion as well as the nightmare of accounting for each and every transaction.........i will do what i've done the past 5 accounting including total sales and total cost basis and then just send the irs the schedule d and all broker statements......i'm not trying to hide anything........but to ask for every transaction is kind of silly.....they should try that with walmart.

    edit: i know ET moderators don't like to do anything but please change the title to "why are options excluded from 1099-B" and move to career section"........i don't want to imply IB statements are false.
  4. There are many things in the world that make no sense.

    This option thing has been true forever, and has nothing to do with IB specifically.