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Strategies & Market Trends : Shorting stocks: High fliers
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To: Anaxagoras who wrote (623)1/5/1999 9:15:00 PM
From: Kip518  Read Replies (1) of 709
 
Anaxagoras (who is anything but an expert and does his own taxes with the greatest of fear, trepidation, and uncertainty)

Such an admission! When the IRS calls, do you trust Jill to keep your anonymity? ;0}

Your advice is probably much better than that I've used for the last several years. I simply append a note stating that the brokers' 1099s include proceeds from short sales not covered during the tax year (think I got that out of tax book at one time), without listing each open short. I've not had any questions raised about that (knock, knock, knock on wood). As to the original question, I've not been in the situation where trade dates & settlement dates cross years but my inclination would be to go with trade dates (as with longs) because the money is already in my account and can be accessed on that date. Also I can't imagine any reason for different rules for the two situations (though, I'm sure if Congress wanted to make a meaningless distinction here, it would).
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