Taxes on Realized PnL

I'm wondering how to get a simple info on my Realized PnL for IB, so that I can see if it makes sense to close out / wash some losers or not. Anybody know the easiest way to go about this?
thx.

 

go to their website do a custom report from jan 1 to date, there is realized section in the report.

 

I have called my brokers I use at a few different places and they said not to rely on the PnL, basically the reporting of profits isn't accurate at all. I even called the clearing house that my broker uses and the rep even said that the numbers aren't accurate, he said that when you receive the 1099 in 2022 is when you will see the accuracy of the trades and profits and losses. Of course I explained that by the time I receive such accurate information that's reported to the IRS it's already to late to trade and make necessary changes needed...I honestly do not comprehend how these trading firms can admit to not having correct trading results.

 

What changes are to be made? By the time you receive your 1099-B, you are trading in the next fiscal year. What changes could you make to a 1099-B by trading the following year by Apr. 15th, that would affect the previous year? Wha?

 

I think he means making adjustments this year.

 

IB has a tax optimizer. I've never used it, but might be worth checking out. I think that's for adjusting cost basis when you have multiple entries and/or partial sales.

 

i found all brokers information are accurate. There are fifo lifo weighted average, max loss first and max profit first accounting. Many don’t bother, most defaults are fifo. Then there are wash sales rules, which I never understood or couldn’t track by my own spreadsheet. Unless you can hire a full time person to rec your trades, I think you can trust the brokers 1099.

 

Yeah, so here's my situ:
I traded CC's and diagonals. This left me with 100k in realized profits and 100k in unrealized losses. Made up the numbers for ease, but you get the idea.
How do I handle this so I don't get tax whacked? Unfortunately, I've been rolling the shorts so I can't just close out the longs.
Is a wash sale legitimate for this situation?
Canadian taxes, so... probably nobody knows.
thanks for the responses.
fyi - tax optimizer is not available on IB at present. I imagine it's a tax season function, not an end of year tax preparation function.

I had one thought - use a later fiscal year like May-April, but I'm not sure if it would make a difference because you would probably just your 1099's later, I'm guessing.

 

Close your unrealized losses and take a 30 day hiatus.

 

Will IB buy a no-bid instrument from you? I need to close out one (expiry Feb) for a loss to balance out the other leg which was profitable and expires today.