Has IB sent out the tax statements yet?

i don't understand the bitching here. theres a ton of awesome trading tax software programs for $50 are so that will download your whole year from ib and print it out as a sch sch d in 1 minute and its accuarate as hell. if you've made hundreds are 1000's of trades why put yourself threw the hell?just google sch d software and shop around
 
Quote from abducens:

Does each option trade need to be listed individually or can it be a single line listing since there is no 1099b for option trades? thanks
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In the past a single line with a "details available" was good. About 18 months ago a change made by the IRS that said everything was supposed to be listed separately. The need for such item-by-item reporting was disputed in typical ET fashion with much fire and brimstone. I don't think the IRS paid any attention.

Most options are short-term capital gain issues but LEAPS can be long-term.
I list everything. But, I have a program that produces the Schedule D (and lots of D-1's), so it's easy.

Jack
 
My sch d for 07 matched my 1099 for sales amounts totals. Last year it did not.

Good job IB. I appreciate you fixing this error and making the sch d worthwhile.
 
In one of our accounts, 1099's sales proceeds did not match with Schedule-D's sales--though there were no options or over-rhe-year positions. Currently IB says 1099's correct but Schedule-D is not. They wanted this week for a revised Schedule-D.
 
Quote from abducens:

are option sales reported on a 1099?
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IB's 1099s only include the sales that the IRS requires to be reported on the 1099s.

The IB Schedule D worksheet includes options, but IB's 1099-B total does not. The IRS does not require that they be reported via 1099.

The Schedule D worksheet is just that, a worksheet. You may or may not report a specific option trade as it may be included in the basis of a stock trade.

Jack
 
Quote from gkishot:

Question off the topic: does anyone know if the option premium can be categorized on schedule A as investment expenses?
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No, as you realize normal cap gains/losses on options.... unless you were assigned an exercise in which case you adjust your basis on the underlying... and unless it's a straddle, which would be too complex to explain the various permutations here.
 
Quote from rayl:

No, as you realize normal cap gains/losses on options.... unless you were assigned an exercise in which case you adjust your basis on the underlying... and unless it's a straddle, which would be too complex to explain the various permutations here.
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From your post I understand that in some cases the option premium can be deducted as investment expenses? Correct?
 
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