Tax Question

All stock sales/shorts are reported to the IRS.

If I have an open short stock position at the end of the year, how do I report the gain/loss since it's not even closed yet? I file regularly (not trader status).

Anyone know?

 

well if you have a loss you can just mark to market it, but thats in canada so I dont know, also if your canadian its considered the same as going long if your short, and your tax the same. In canada we dont count it, till we close our short position, or you mark to market it.

 

Thanks, mahram. That sounds reasonable, but does anyone know how the US tax code applies here?

 

Well, I found some info over here:

http://invest-faq.com/cbc/tax-short-sales.html


but it's from 1999, so I don't know how updated it is.