Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Very long story short: I have a stock purchase from '99 that shows a huge loss on my end. I have contested it (my attorney is working with the SEC on a P&D situation), but it was included on my 1099 from the brokerage.

My questiontis, do I go ahead and figure this contested amount as part of my profit/loss, since it's on the 1099 and has been reported as such? At this point, it will only benefit me, because the amount involved will wipe out my gains. If I end up beating the brokerage and the whole thing is dropped, will I have to make a correction to my '99 taxes at some point?

I hope I've been clear in explaining this. Thanks in advance for the hlep!
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.