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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Ken Holbert, Jr. who wrote (7)1/2/1998 3:29:00 PM
From: Bob Miller  Read Replies (2) of 18691
 
Ken: The IRS does compare totals reported on broker 1099's to amounts
reported on Schedules D. By attaching a note to your return , your
situation will often be overlooked.

What I have done is: under short-term trades list the description
as "IBM-Short Sale", show the trade date and purchase date as the
same for opens shorts, show the proceeds amount in the both the
sales price and basis columns. Thus there is no gain or loss, but
the total volumn of your trades will agree with the broker report.

I can cite no IRS Code or Regs for this position, but I have done it for years, and have bounced the idea off several IRS employees of
my acquaintance, with no adverse reaction.

Happy taxes. 1998 will make you feel very clever for shorting.

Best wishes,

Bob Miller
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