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When using the iphone trading app, what do I need to look at to determine the total amount of money in my account, if I also have margin debt? I assumed the bold number in the upper right was my total account value. But if I am using margin do I need to substract my margin debt from that number...

I have purchased some Canadian, Swiss, and European stocks; rather than pay interest on these, I would like to buy currency to cover the amounts. Currently I have nothing but USD in my account. I have two questions. 1) Should I be purchasing foreign currency in the exact amounts I see listed in...

My mistake. Thought I was posting this in the Interactive Brokers forum, but now realize I did not. If an admin could move the thread, I'd appreciate it!

Thanks for your replies. Fortunately I think I have been able to figure out how to report the transactions using Turbotax. For whatever reason - and this is what was confusing me at first - although USO lists all of my purchases and sales under "transactions," it only lists 4 groups on the...

I'm trying to find out where I can access the most detailed information about margin use on my account. Looking at my statement under cash detail I see the category "Broker interest paid and received" - does this refer specifically and only to margin interest (or can it include other fees)...

I'm using Turbotax and currently trying to figure out the USO k-1 and I'm totally lost. IB has left all of the cost basis boxes blank for me to fill in myself, but I don't know if I should be entering the cost basis from my 1099 or not. I'm confused about lot amounts too. The documents USO...

Thanks overnight. That seems so much simpler to deal with! Makes me want to only trade 1256 contracts!

Stumped by one thing I need to figure out before I can finish my taxes. I received a 1256 worksheet from IB which shows realized P&L for several UVXY puts of various expirations (all 2019). However, I cannot find any UVXY trades on my 1099 or any of the other forms I downloaded from IB. Nor...

I recently did some currency trades all of which I closed but negative balances of varying amounts in those currencies appear in my "cash balances." I am trying to figure out why these amounts shows up there even after trades are closed and what action is required on my part to make sure I am...

I am able to trade on the Hong Kong exchange in my IB account, but there are some stocks which are not listed on this exchange and appear to require access to the China Stock Connect. I do not know much about this, but have read an article that says you can only use the China Stock Connect if...

I trade some VIX product options (SVXY, UVXY VXX, VIX). In previous years if I remember correctly when I imported my IB info into Turbotax, it would show the PL for each individual option traded along with individual stock trades on my 1099. Looking at some of my other broker 1099s from this...

I have a permanent loss of two wash sales due to a repurchase of the same security in my IRA account. Had I understood the tax ramifications of the IRA repurchase I would not have done it, but I learned too late, so now I need to deal with it to make sure cost basis is reported correctly on...

Since no one replied to this I am going to relay the information I got here. I confirmed this with two different brokers, so trust it is correct. I was told that unless there is a special situation the cost basis which appears when the info is imported to turbotax should be correct. Although...

I'm trying to figure out if I need to do any extra work with wash sales for stocks which I sold out of by eoy to make sure my proceeds are reported accurately on turbotax. right now I am working with the 1099 from my IB account. as an example, I'm looking at one stock I traded a few times...

One of the main reasons I wanted to do it at all was to contribute to my IRA, which is really lagging my other accounts because it is under-capitalized. What are for you the main advantages of having trader tax status even without entity? Also, can you just designate one account for trader tax...

spr, The two accounts I have been trading that stock in are individual accounts, Actually, now that you mention it I do have some of the same stock in my Roth IRA. But I am not trading it there and have not taken a loss on it--and my understanding from what's been said so far is there is only a...

I know based on what I've read that I do qualify for trader tax status. Not only do I trade regularly through the week but ALL my income comes from trading, so I think it would be hard for the IRS to try to deny me the status. However I don't have the whole "business" set up that Green says is...

So basically, if you're trading that same security in an IRA, make sure it's a winner--never sell for a loss! lol.

Thanks spr, Great info! Now I know the secret. Very simple too. And yet very difficult to find that simple information for avoiding what could easily become a regular tax nightmare! And thanks to everyone else who replied as well, adding color and detail to the issue. Great info all around.

There is one stock I have actively traded this year in two different accounts. I just read that the wash-sale rule applies across multiple accounts, and I want to make sure I understand the implications of this. I know of course that each individual broker automatically adjusts for wash sales...