Tax Forms-Schedule D?

M

miyo

The IRS said I need to fill out a schedule D for the year 2008 and my investment had a short term capital gain when in fact it was a long term. I posed a question : do I need to fill out a Schedule D with the year of 2010 on it? Or just look for a 2008 report?
 
You need to file a Sched D for every year you have closed any positions. The closed positions will show up as pure profit unless you provide the cost basis and the date you opened the positions. AFAIK (unless this has changed recently) brokers don't report options, but you are still responsible for reporting them to the IRS.

To answer your question I think you would use 2008 on the amended return.

- Usual disclaimer, I am not a tax lawyer or CPA or anything related, just a taxpayer.
 
Quote from Eliot Hosewater:

You need to file a Sched D for every year you have closed any positions. The closed positions will show up as pure profit unless you provide the cost basis and the date you opened the positions. AFAIK (unless this has changed recently) brokers don't report options, but you are still responsible for reporting them to the IRS.

To answer your question I think you would use 2008 on the amended return.

- Usual disclaimer, I am not a tax lawyer or CPA or anything related, just a taxpayer.
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your best answer will be, you don't know. nobody have any clue what is that person income and he/she irs history.
 
Quote from emg:

your best answer will be, you don't know. nobody have any clue what is that person income and he/she irs history.
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Actually the best answer would be don't ask for or take tax advice on a forum, get professional assistance.
 
Quote from miyo:

The IRS said I need to fill out a schedule D for the year 2008 and my investment had a short term capital gain when in fact it was a long term. I posed a question : do I need to fill out a Schedule D with the year of 2010 on it? Or just look for a 2008 report?
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You need to determine if your gain is short term (as per the IRS) or long term. Check your 1099 or Consoldidated EOY report to see if you paired your trade dates correctly or if you had multiple trades, was there a wash sale violation that you missed? Get the correct tax data. Then as requested by the IRS, complete a Sched D and an amended return. If the 2008 amended affects any carryovers, you may have to amend '2009 as well. And use an accountant to clean up the mess.
 
You need a 2008 one. They are available at www.irs.gov. BTW - you reported it as short term, they only input what you reported. If you did not report it at all, it will be considered ordinary income.
 
Quote from Eliot Hosewater:



- Usual disclaimer, I am not a tax lawyer or CPA or anything related, just a taxpayer.
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Sooooooooooooooo, you don't work for GE, or Treasury?
 
I also need somebody to provide me some insight on a similar issue.

Last year I traded RUT and SPX options. Apparently these have the 60/40 rule where 60% can be taxed as long term cap gains and 40% short term. How do I show this on my schedule D?

Also, my SPX positions were a net loss for the year. Do I still have to report it?
 
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