Taxes at IB

Quote from sprstpd:

I understand now, thanks for the clarification. I just trade for myself so the tax reporting is much simpler.
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A lot of exaggeration, half truths and some bad info on here.

First, the best largest National CPA firm's clients get audited all the time.

I have pick up many clients that are wealth individuals that prepared there own returns. While many screwed up, many did an outstanding job. Some clients that screw up royally in there own favor, i was shock were never audited. Other client came into the firm after getting in serious trouble.

As for IRS Agents not wasting time. That must come from someone that has never meet a IRS agent during an audit.

There is more than one right way to run a business. Too many people get in a mental rut that there is only one way to do it successfully.

The vast majority of CPA have no idea how to file a trader tax return.
 
Once again, in one of my IB accounts, I traded only stocks with no short over-the-year positions. 1099's sales proceeds and IB generated schedule D-1's total sales still does not match. I thought IB would ifx the problem in more than a year.
 
Quote from GTC:

Once again, in one of my IB accounts, I traded only stocks with no short over-the-year positions. 1099's sales proceeds and IB generated schedule D-1's total sales still does not match. I thought IB would ifx the problem in more than a year.
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same here..they saying somewhere,that they not responsible for inaccurate data.
take proceeds,add\subtract PnL to get purchase price..imo-that's would be easiest way to go around..
 
Once again, in one of my IB accounts, I traded only stocks with no short over-the-year positions. 2008's 1099's sales proceeds and IB generated schedule D-1's total sales still does not match. This is 3 years (2006, 2007, 2008) in a row it is happening. Is anyone else also having any IB's ScheduleD-1/1009 issue this year?
 
I can't make sense of mine either although I have SSF and options trades in addition to stocks. But no matter how I run the numbers I can't come up with what they have on my 1099.
 
My guess is that the Schedule D-1 is wrong because a corporate action is treated improperly.

I generated my own Schedule D-1 using TradeLog. When I finally fixed all of the corporate action errors, the broker proceeds matched the 1099 reasonably well.

Maybe you should look at the corporate action section of your end-of-year statement. These might be the problem stocks.
 
IB has not even said which one is wrong---1099 or IB's ScheduleD-1. It does not seem to be the corporate action issue in this case. My other brokers' 1099 or its ScheduleD-1 worksheet match to the cents.
 
My statements are less than $2 apart this year. I attribute that to round off error. I had no corporate actions this year. Last year my D-1 and 1099 did not match. The error was in the corporate actions. So, I hand edited the D-1 using excel to correct the problems. I posted this same issue last year on this same thread. Even though a few errors exist in the schedule D-1, I'm still grateful to have that data available in that format so that I don't have to lease and hassle with expensive software to do my taxes.
 
FWIW I'm happy with the IB statements this year. The sched-D they have now is great IMHO.

It matched my trading log spreadsheet pretty closely. And that was thousands of trades, with about $18mil worth of total stock sales.
 
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