Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Roger A. Babb who wrote ()	1/1/1998 10:45:00 AM
From: Ken Holbert, Jr.	Read Replies (5) of 18691

Roger, I posted this question on the BROC thread and hope someone can provide insight. If you are short a stock its good to close the short before the first of the year. I have yet to find anyone at the IRS or tax profession or my broker who can show me how to put a short sale on your return that is still open, ie, the transaction has not been closed at the end of the year and remains open into the next calendar year. The brokers statment will have the short sale listed as proceeds on your 1099. These proceeds must be reported to the IRS on Schedule D. If the proceeds on schedule D do not match the 1099's that are provided to the IRS by you broker, then the IRS gets concerned. How do you list the proceeds when the transaction has not been completed? Anyone have the answer?

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