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!
It's on your 1099 so go ahead and report it. Later, if the legal proceedings go your way, you can either amend your return or declare the income next year, depending on how the court and your attorney tell you to do it. Best of luck, Chris
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