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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?


To: MJR who wrote (357)12/30/1997 10:41:00 AM
From: Colin Cody  Respond to of 5810
 
YOU TREAT THE COMMISSIONS SHOWN ON THE buy ticket or the sell ticket as part of the price. You REPORT the amount of "CASH" shown on the ticket.
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In the past we reported the GROSS selling price before deducting the commission, (that commission WAS DEDUCTED AS A cost) but AFTER the IRS started getting 1099s from the brokers (showning the NET, rather than the GROSS) the IRS changed their tune.
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Colin