IRS, Tax related strategies--Traders Message Board

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Strategies & Market Trends : IRS, Tax related strategies--Traders

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To: thomas hayden who wrote (391)	6/28/1998 9:40:00 PM
From: Colin Cody	Read Replies (1) of 1383

You are always on your honor to report ALL your tax information. That's what they mean when they say a "voluntary tax system". . But The 1099 rules do NOT want to see Traded Stock Options being reported. So you must be sure to maintain your records and not be relying on a year-end 1099 from your broker to help you. . Generally the only way the IRS finds out is through your own admission, and from auditing your return. If you neglected to report a significant amount of sales proceeds, through an honest oversight or sloppy bookkeeping, such under reporting can result in Criminal Prosecution. I'm not talking forgetting one $1,000 trade. That would just be a penalty and interest and probably continuing audits of other years, and possibly other family members and related business returns if suspicions arose. . There are several time hold periods: under 12 months, over 12 and under 18, over 18 and under 60, over 60 months.

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