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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (89601)	2/17/2001 11:23:43 AM
From: ild	Read Replies (2) of 132070

MB, RE: IRS Audits. How can IRS audit a stock trader that made thousands of trades using several brokers? As fas as I understand IRS will have to use statements from brokers to reconstruct all the trading, long and short gains ans losses, wash conditions, etc. In the last few months I've been using a brokerage (Interactive Brokers) who has never sent me a piece of mail. They use e-mails only. I like them because of their low commissions. With them I'm trading options only. The even didn't send me 1099 for 2000 (no equity trades). If I ever get audited will IRS accept e-mails? Thanx - ild EDIT: I didn't make many trades in 2000, but still have trouble using Quicken. It doesn't like short sales and is sometimes confused with options. I'm using Quicken 1999. May be Quicken 2001 is better, I don't know.

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