SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : IRS, Tax related strategies--Traders
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: At_The_Ask who wrote (1373)4/4/2003 11:32:48 AM
From: Gorak Shep  Read Replies (2) of 1383
 
The issue isn't solely whether you will be ok. If your return does not match your 1099's, that is a big red flag for an audit. Not a guaranteed audit, but really increases your chances.

Now if your return is supportable, you won't be in any trouble with the IRS. But even so, you really don't want to go through the audit, do you?

It is best, if you can, to resolve the discrepancies before you submit your return. If, for example, you have an open short whose proceeds of sale appear on your 1099, it is best to put it on your schedule D and note it as an open position with 0 capital gain. Then it will contribute to your sales total and match your 1099.

Bottom line, it is easier to clear things up on your return than it is in an audit.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News