"Gross Proceeds" tax column when selling short

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Mark,

As a long term subscriber to your software, I did something new last year. I did some short selling, and I though I did a pretty good job following the advice that I found on your site regarding how to record short selling transactions.

However, my accountant did not accept my Schedule D because the "Gross Proceeds" column from my broker's year-end tax statement did not match the number at the bottom of the "sell value" on the Fund Manager schedule D.

It seems that on all the stocks I sold short, fund manager is reporting the correct value in the "cost basis" column instead of the "sell value" column.

My broker suggested that on all of my shorts, that I go into fund manager and reverse the "sell short date" with the "buy to cover date".

I could go back in and switch the dates........but is there a better way to fix whats been done, and should I do something different when I sell-short in the future?

Thanks,
Jim

Replies:

• Re: "Gross Proceeds" tax column when selling short Mark 21:18:06 02/11/04 (0)