Tax dilemma:

Discussion in 'Taxes and Accounting' started by N.ShoreTrading, Mar 3, 2003.

  1. Anyone have a trade where they bought on the last day of 2001 and sold on the first day of 2002? I have a few, so my form 1099 sent by my broker calculates my "securities sold" minus my "securities purchased" about $20,000 higher than it should be (doesn't post the buy from 2001).

    Any ideas on how to account for this on a tax return? Thanks....
  2. EricP


    The only thing reported to the IRS is the securities sold total. The total value of the purchased securities is for your information only. Therefore, ensure that your sold values match the broker's information and you should be ok with the IRS.

  3. the securities purchased total though, right? If they check my securities purchased versus my securities sold in 2002 only, they will think I made $20,000 more than I did.

    If the IRS didn't check on "securities purchased", then people could easily understate their profits.......
  4. Yeah, and when they suddenly decide to check you...