E el pollo Feb 14, 2010 #11 Quote from gkishot: I think that IRS should ask the brokers to report on 1099-B form close to buy proceeds not open to sale proceeds for short sales. More... That's great but does not solve the OP's tax reporting question!
Quote from gkishot: I think that IRS should ask the brokers to report on 1099-B form close to buy proceeds not open to sale proceeds for short sales. More... That's great but does not solve the OP's tax reporting question!
G gkishot Feb 14, 2010 #12 Quote from el pollo: That's great but does not solve the OP's tax reporting question! More... It does if a broker reports buy to close proceeds instead of sell to open on 1099-B.
Quote from el pollo: That's great but does not solve the OP's tax reporting question! More... It does if a broker reports buy to close proceeds instead of sell to open on 1099-B.
M melonduck Feb 16, 2010 #13 did a bit of googling and found these links http://www.taxalmanac.org/index.php/Short_Sales_-_Open_at_Year-End http://invest-faq.com/cbc/tax-short-sales.html This should give you an idea on how to report open short sales.
did a bit of googling and found these links http://www.taxalmanac.org/index.php/Short_Sales_-_Open_at_Year-End http://invest-faq.com/cbc/tax-short-sales.html This should give you an idea on how to report open short sales.
A abducens Feb 16, 2010 #14 You dont report open positions on D, thats all. Just make sure that its not included on your 1099-b total since it is proceeds of sale.
You dont report open positions on D, thats all. Just make sure that its not included on your 1099-b total since it is proceeds of sale.
E el pollo Feb 16, 2010 #15 Quote from abducens: You dont report open positions on D, thats all. Just make sure that its not included on your 1099-b total since it is proceeds of sale. More... What do you suggest since most brokerage firms DO include short sale proceeds on a 1099-B regardless if it is open or closed?
Quote from abducens: You dont report open positions on D, thats all. Just make sure that its not included on your 1099-b total since it is proceeds of sale. More... What do you suggest since most brokerage firms DO include short sale proceeds on a 1099-B regardless if it is open or closed?
