by Anura Guruge
on March 17, 2023
Option traders like I OFTEN get NEGATIVE ‘Total Proceeds’.
Lot of tax software just can’t deal with it. I have bitched about that before.
I saw the above yesterday. IT is very dramatic in that it CLEARLY shows a $0.00 Cost Basis!
It is basically saying you incurred a $2,000 loss without buying anything. Isn’t that cool.
NO, no it isn’t my 1099. Mine has MORE DIGITS. Smile. Yes, mine, IF I am lucky can have NEGATIVE signs too, but, ALAS, not for the last 2 years. {NOT SMILING} But, if I am really careful & canny I might be able to get back to negative numbers this year. SMILE.
I just wanted to SHOW you this because many wouldn’t believe me IF I told them of the counter-intuitive 1099s us option traders get.
