IB form 8949 doesn't match Total P/L for 2012 Statement Period

[oldtime]

Quote from stockcik:

Thanks Frank
I saw that on tradelog site: Broker 1099-B reports are often useless for tax reporting...1099-B cannot be used alone for tax reporting. Does it mean I need to follow the P/L statement rather than 1099 or Form 8949 worksheet?
I also think there is a error on my 8949 worksheet,what to do? Can I just ignore it and file tax with the data on 2012 P/L statement and trades history?

yes, Take your balance jan1, subtract it from dec 31 2012, then deduct anything reported on 1099. and declare that as cap gains, if it is futures use the 60/40 split, turbo tax will do that for you when you elect 1256.

 

[oldtime]

what the hell you would do if you trade futures and stocks in the same account I have no idea. That's where tradelog comes in.

 

[oldtime]

Quote from oldtime:

what the hell you would do if you trade futures and stocks in the same account I have no idea. That's where tradelog comes in.

or for that mater, what you would do if you trade stocks and some are actually long term

 

[sprstpd]

Quote from oldtime:

or for that mater, what you would do if you trade stocks and some are actually long term

If you declare "trader status" and the IRS doesn't call you on it, then you can denote which stocks are long term investments and which are trades. The easiest way to do this is to have segregated accounts for long term investments and for trading. So you get the benefits of long term capital gains if you have a long term investment account, even though you are considered a "trader."

 

[oldtime]

Quote from sprstpd:

If you declare "trader status" and the IRS doesn't call you on it, then you can denote which stocks are long term investments and which are trades. The easiest way to do this is to have segregated accounts for long term investments and for trading. So you get the benefits of long term capital gains if you have a long term investment account, even though you are considered a "trader."

no kidding

that's why I keep my conservative investments in one account

and a separate account for trading

and that among other things was one of the reasons I didn't just put it all in one Universal Account at ib, even though moneywise that would be the best thing for me (providing they don't go bankrupt.)

 

[sprstpd]

Quote from oldtime:

no kidding

that's why I keep my conservative investments in one account

and a separate account for trading

and that among other things was one of the reasons I didn't just put it all in one Universal Account at ib, even though moneywise that would be the best thing for me (providing they don't go bankrupt.)

You could sign up for a separate IB account for your long term investments. As long as the account #s are different, that would be clear segregation of assets based on long term vs short term.