Serious Tax Issue

Discussion in 'Taxes and Accounting' started by Matix04, Feb 16, 2009.

  1. GTS

    GTS

    The solution is simple - You made $100k+ trading options? Brokers don't report option activity to the IRS.

    I'll let you connect the dots on what you should do...
     
    #21     Feb 17, 2009
  2. A simple way to tell if the above is true is to get copies of all of the tax forms for that year (1099, Schedule D, etc...) related to your trading account and see what is actually reported.
     
    #22     Feb 17, 2009
  3. JB3

    JB3

    It sucks. You just gonna have to owe the IRS that money. It really is stacked against you. And you get to claim $3k off your yearly income until you make enough profit to cover it or until you finished claiming it year after year.

    I would consult a professional tax attorney to look at your options though, you never know, there might be new laws and loopholes that you might look into.
     
    #23     Feb 17, 2009
  4. I have MAJOR doubts about this advice. So brokers report futures and stock activity, but not OPTION activity? By what oversite or loophole do all brokers not do option activity???
     
    #24     Feb 17, 2009
  5. Arjun1

    Arjun1

    It is true that options activity is not reported to the IRS.

    Does anyone know why?
     
    #25     Feb 17, 2009