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Non-Tech : Interactive Brokers / Timberhill
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From: rllee4/3/2013 5:14:25 PM
   of 9012
 
Question on brokerage docs 1099 and 8949 which is reported to IRS. I noticed that form 1099 list cap gains/losses total for stocks only but form 8949 lists also totals of option trades gains/losses.Form 8949 is new since option gains/losses were never reported in previous years. One can import the 2012 cap gains/losses from the txf format of these files directly into turbotax.

IB accounting consider every shorted option trades as cap gains even though the positions have NOT been closed for 2012. This "error" inflated the cap gains total for the year. Is there any remedy to correct this "error"
or is turbotax treating the trade reporting in the right way? Does the IRS expect exact reconciliation of the total numbers from these two forms.

Any comments regarding this issue is appreciated.
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