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this past year was the first time i've done some trading, so i'm curious about the 1099 the brokerage sent me. I'll be getting an accountant or tax service to do my taxes, so this question is just for my own information.

Anyhow, i was wondering why the brokerage only reports gross proceeds in the 1099, and states that that is all that needs to be submitted to the IRS. since the gross proceeds show all sales without subtracting costs, how is the IRS going to know that I didn't actually make all that money? or is that shown through the filing onlt?

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