Tax return

[Leigel]

Hello,

As part of my tax return, I have recently sent an activity statement from the IB website (Reports/Tax docs > Activity > Custom Date Range, etc) to tax authorities in my country.

They are not satisfied with this document, and ask me instead for a "profit and loss accout" of the fiscal year 2019. I do not understand why, as those data appear on the first and second pages of the issued statement.

Do I really need to ask an intermediary to produce the said profit and loss account?

I would greatly appreciate it if anyone who has experience using Interactive Brokers or someone working at the firm could enlighten me.

Thanks.

 

[wrbtrader]

Hello,

As part of my tax return, I have recently sent an activity statement from the IB website (Reports/Tax docs > Activity > Custom Date Range, etc) to tax authorities in my country.

They are not satisfied with this document, and ask me instead for a "profit and loss accout" of the fiscal year 2019. I do not understand why, as those data appear on the first and second pages of the issued statement.

Do I really need to ask an intermediary to produce the said profit and loss account?

I would greatly appreciate it if anyone who has experience using Interactive Brokers or someone working at the firm could enlighten me.

Thanks.

What country is this (I'm aware of only two countries asking for such) and curious to know others that does such for other brokers as in not just IB ?

I had a similar issue with my taxes in France and then again here in Québec, Canada many years ago but I wasn't with IB but I had submitted every trade when all they only wanted was just a summary.

To make matters worst...a few years later...they contacted me to ask why I'm not submitting "all trades / activity" via a formal letter including giving me a warning (consequences)...later resulting in an audit for consecutive years.

Thus, they didn't want to see the summaries.

Yet, it was only an issue with the provincial government...not the federal government. After those audits, I now only use a professional tax firm after that...never had another problem even though its filed exactly the same way.

My point, the issue may not be IB...its your country considering I had a similar issue and I'm not using IB.

wrbtrader

 

[Scataphagos]

Hello,

As part of my tax return, I have recently sent an activity statement from the IB website (Reports/Tax docs > Activity > Custom Date Range, etc) to tax authorities in my country.

They are not satisfied with this document, and ask me instead for a "profit and loss accout" of the fiscal year 2019. I do not understand why, as those data appear on the first and second pages of the issued statement.

Do I really need to ask an intermediary to produce the said profit and loss account?

I would greatly appreciate it if anyone who has experience using Interactive Brokers or someone working at the firm could enlighten me.

Thanks.

You probably didn't send it to the tax authority in the proper "form" as they would require and accept. Do you have something like TurboTax?

 

[Leigel]

Thanks wrbtrader for your reply. The country is Switzerland. There is both a summary and a list of all the transactions in the statement.

Scataphagos, I have never used Turbo Tax. I'll see if there is a version I can use, thank you.

Otherwise it seems like I will have to pay a firm to do it for me.

 

[wrbtrader]

Thanks wrbtrader for your reply. The country is Switzerland. There is both a summary and a list of all the transactions in the statement.

Scataphagos, I have never used Turbo Tax. I'll see if there is a version I can use, thank you.

Otherwise it seems like I will have to pay a firm to do it for me.

That's exactly what I eventually had to do...pay a firm because my taxes became too complicated due to the fact I'm a full-time trader, business owner (photography) with 7 - 10 employees and I own several properties in 3 different countries...

Sometimes using my income from trading to support my business / employees in tough economic years and pay off my properties.

It use to be simple and I was able to do my own taxes without any problems until I moved to Canada. Things become very complicated very fast.

wrbtrader

 

[Scataphagos]

Thanks wrbtrader for your reply. The country is Switzerland. There is both a summary and a list of all the transactions in the statement.

Scataphagos, I have never used Turbo Tax. I'll see if there is a version I can use, thank you.

Otherwise it seems like I will have to pay a firm to do it for me.

If you can use Turbo Tax, it will download your trade activity from your broker and put it into a form the revenooers will accept..... waaaaay better than hand-entering every trade... whether you do it or pay someone to do it for you.