Why isn't total commissions included in my 1099B?

Discussion in 'Taxes and Accounting' started by DarthSidious, Jan 24, 2020.

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  1. Please ignore. Mods, please delete the thread. Thanks. Too see why, see https://www.elitetrader.com/et/thre...ons-included-in-my-1099b.339759/#post-5000486

    @AMP_Global I am your customer.

    For example, https://www.rcgdirect.com/support/futures-tax-information/ says "The IRS only allows us to deduct from your futures/options profit (loss) those commissions and fees directly related to the executed transactions.". The commissions and fees are directly related to every time we take a position or get out of it. Shouldn't it be factored into the P&L amount you sent? Thanks.

    Edit: @def Does IB add this in 1099B? Say I do one trade, make $100, pay $4 r/t. Shouldn't my 1099B be $96 instead of $100?
    Last edited: Jan 24, 2020
  2. Big AAPL

    Big AAPL

    This is odd...my 1099B P/L is normally net of my commission.
  3. Yup, that's what it should be. Who's your broker if we may?
  4. Overnight


    I assume your broker is AMP. Your 1099B should be showing your net profit after all the other costs are taken out.
  5. It doesn't. It shows my net P&L before commissions and exchange, NFA, order routing etc. fees are deducted
  6. Overnight


    As we were exchanging messages here, I checked my inbox and saw they sent me my statement for the year. How do you know they are NOT showing your net P/L, rather than gross?
  7. Because it's real easy to verify. Open up your monthly statements for Jan & Dec. Your actual P&L is:
    Dec. end a/c value
    - Jan. beginning a/c value
    - all cash you deposited during year
    + all cash you withdrew during year

    If the 1099B is more than the value you calculate this way (mine is), that's because they are not deducting commissions and fees, and they should. Of course you can take the long route and add up individual trade P&L to find the same thing...
  8. You know ignore this. I am sorry. They have included the commissions. All they have not included is the data feed costs. and that part is okay! I should have realized the difference is too small to cover yearly commissions :banghead:

    Mods can you please delete this thread?
  9. Overnight


    You can't just say "mods". You have to tag them with laser beams on their frickin' heads, like this...!

    Liquid hot MAGMAAA.

    Big AAPL likes this.
  10. Big AAPL

    Big AAPL

    My broker is AMP. And don't sweat it...we all make mistakes when we think something is wrong. As far as exchange fees...yes that should be a deduction taken after the 1099.
    #10     Jan 24, 2020
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