This discussion was started on another on the "IB tax record keeping" thread, but I believe it deserves its own thread. IB's 1099 does not include commissions when reporting the "Gross Proceeds" from trades. All of my other broker's include the cost of commissions, ie., commissions are deducted from the proceeds. I feel that IB's version is wrong because what we report for total sales for 2001 will NOT match what IB is reporting to the IRS. And there is no way for the IRS to know how much we paid for commissions on each transaction. Thus, the IRS would be led to believe that we are UNDERreporting our profits (or overreporting our losses).