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

To: Colin Cody who wrote (1727)1/3/1999 3:33:00 PM
From: Mongo2116  Read Replies (1) | Respond to of 5810
 
Thanks Colin, I meant new year's eve, whoops. Why does my accountant use settlement dates? When I record my trades in my financial software which date should I use?



To: Colin Cody who wrote (1727)1/10/1999 8:36:00 PM
From: Richard Joslin  Read Replies (2) | Respond to of 5810
 
Trade date is used as a tax recognition date for sale of LONG positions. However, SHORT positions are closed (recognized) for tax purposes on the settlement date. The reason for this rule is that the liability to to deliver the borrowed shares is satisfied when delivery takes place, i.e. settlement date. If the short sale may be also be closed via cash settlement which obviously accelerates settlement.


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