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1099 B

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Posted · Report post

I have never even seen one of these before. I have no idea where to begin. Client says he 'lost about $15,000'. If I am reading the 1099-B correctly, he is right. Box 8 lists 3 positive numbers and a negative number (profit/loss on futures - converted to USD and then date).

Box 9 - Total unrealized P/L converted to USD on futures - another date.

Box 11 - Aggregate Profit or (Loss) from lines 8, 9 and 10 (although there is no line 10) - this is where the $-15,000 number appears.

I googled this and now am even more confused.

Does anyone have experience with this?

Thanks in advance!

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Posted · Report post

Okay . . . I'm reading the instructions for Form 6781. Hopefully, I am on the right track.

Twice in the last 3 days I have posted a question and then found the answer myself immediately following. I wish I knew how to delete.

Sorry!

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Posted · Report post

Okay . . . I'm reading the instructions for Form 6781. Hopefully, I am on the right track.

Twice in the last 3 days I have posted a question and then found the answer myself immediately following. I wish I knew how to delete.

Sorry!

The idea is to share. Why don't you post your findings?

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Posted · Report post

You are on the right track. My one client that hedges actually turned a profit this year. Surprised the heck out of both of us. In fact, out of habit, I entered it as a loss and then caught it while reviewing the return. I had to call the client to see if his account got mixed up with someone elses.

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