July 15, 2011
tax question. how is margin interest reported to the irs? does my brokerage firm send the irs the information?
Taxi asked:
or is it like options trades, where the investor has to do everything?
or is it like options trades, where the investor has to do everything?
Filed under United States by Administrator
Comments on tax question. how is margin interest reported to the irs? does my brokerage firm send the irs the information? »
The broker will send a Form 1099 to you and the IRS if it is considered income in that particular tax year. (Form 1099 is what known as an informational form and should NOT be filed with your actual tax return)