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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Susan Saline who wrote (163)	2/25/1998 7:25:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 1383

The law said to put BOTH commissions on the COST side. Then when 1099Bs were required starting 10 or 15 years ago, the Brokerage industry wouldn't play that game, and they reported the NET proceeds, rather than the GROSS proceeds as the IRS requires. . Since then (I don't know if the Law was changed) it is common practice to show the Sales NET of commissions and the Purchase PLUS the buy-side commissions. . Colin