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Serious Tax Issue
- Thread starter Matix04
- Start date
Quote from GTS:
The solution is simple - You made $100k+ trading options? Brokers don't report option activity to the IRS.
I'll let you connect the dots on what you should do...
A simple way to tell if the above is true is to get copies of all of the tax forms for that year (1099, Schedule D, etc...) related to your trading account and see what is actually reported.
It sucks. You just gonna have to owe the IRS that money. It really is stacked against you. And you get to claim $3k off your yearly income until you make enough profit to cover it or until you finished claiming it year after year.
I would consult a professional tax attorney to look at your options though, you never know, there might be new laws and loopholes that you might look into.
I would consult a professional tax attorney to look at your options though, you never know, there might be new laws and loopholes that you might look into.
Quote from GTS:
Brokers don't report option activity to the IRS.
I'll let you connect the dots on what you should do...
I have MAJOR doubts about this advice. So brokers report futures and stock activity, but not OPTION activity? By what oversite or loophole do all brokers not do option activity???