option trading irs reporting

G

ggelitetrader000

2013 was 1st year I was involved in heavy option trading and made a sizable profit which I think needed to be reported to irs. However as of today 3.25.2014, no tax doc (namely 1099) generated by my brokerage. When I asked they say option trading tax report /1099-B/ will not be generated until 2014 April since IRS does not require them before that time. But they also said I still need to report them to IRS? How do I do it? Will gains during my 2013 investing considered and taxed as short term gain at ~39% during my 2013 tax return? Then what form do I use? Or do I use the gain/loss calculation to report it? Thanks!
 
Previously, the Internal Revenue Service announced that it will postpone the effective date for cost-basis reporting for options trading. Instead of taking effect on Jan. 1, 2013, the rules will take effect on Jan. 1, 2014.

Hence, your broker may or may not report your 2013 options trading on your 2013 1099, as they are not required to do so until the 2014 tax year.

But in general, options trading transactions are reported on your Schedule D, unless you are trading 1256 contracts. 1256 contracts have a separate form.

Best thing to do is to talk to an accountant or a tax professional to discuss your "options". (no pun-intended)


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thanks, i did some googling around and found 8949 is the form i shd use. i just used taxact and inputted my data into 8949 and it says it might report the final amount to schedule D. Lets see what happens. Thanks!
 
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