Your Interactive Brokers activity statement is the foundation for tax reporting. But it's also confusing—dense tables, multiple columns, and rows that don't seem to match what you actually traded.
Here's what most traders do: They ignore the statement and just look at their 1099-B form in January. Then tax season hits, and they're lost.
Here's what you should do: Learn to read your IB statement, download it monthly, and reconcile it against your trades. This way, tax time isn't a nightmare.
This guide walks through exactly how to read your IB statement, what each column means for options traders, and how to export it for tax software.
Skip the manual parsing: Upload your IB activity statement to our IB Portfolio Analyzer and get automatic P&L tracking, income summaries, and coverage analysis—no spreadsheets required.
Understanding the Interactive Brokers Activity Statement
Where to Find It
In Interactive Brokers Client Portal:
- Account Management → Statements
- Select date range (typically monthly or year-to-date)
- Download as CSV (not PDF; CSV is much easier to work with)
Or use the old TWS interface:
- Open Client Portal or TWS
- Reports → Activity Statements
- Download Custom statement with selected date range
Pro tip: Download monthly, store in a folder. Don't wait until tax season.
The Main Sections You Care About
IB activity statements have multiple sections. For options traders, focus on these:
-
Account Information (top)
- Account number
- Currency (USD if trading US options)
- Statement period
- Beginning/ending balance
-
Open Positions (middle)
- Current holdings (stocks, options still open)
- Market value
- Unrealized P&L
- Skip this for tax purposes; tax only cares about closed positions
-
Closed Positions / Trades (critical for taxes)
- Every trade you closed
- Entry price, exit price, quantity
- P&L for that trade
- Commission/fees
-
Cash Transactions (important)
- Deposits/withdrawals
- Dividends received
- Interest credited
- Fees charged
How IB Reports Different Options Outcomes
Outcome 1: Option Expires Worthless
You sold a $420 SPY put for $0.50 premium. It expired worthless.
In your IB statement, you'll see:
| Trade | Quantity | Price | Commission | Profit/Loss |
|---|---|---|---|---|
| SPY P 420 | -1 | 0.50 | -$0.65 | $49.35 |
| SPY P 420 EXP | 1 | 0.00 | 0.00 | $0.00 |
Wait, that shows two lines. Here's what's happening:
- First line: Your original sale of the put (short 1 contract)
- Second line: The expiration (the -1 contract disappears, the 1 contract is created as expired)
Net result: You're shown a closing price of $0 (expiration), collected $0.50, minus $0.65 commission, = $49.35 profit.
For taxes: This is a short-term capital gain of ~$49.35 (the profit after commissions).
Outcome 2: You Close Early
You sold a $420 put for $0.50, then bought it back for $0.25.
In your IB statement:
| Trade | Quantity | Price | Commission | Profit/Loss |
|---|---|---|---|---|
| SPY P 420 | -1 | 0.50 | -$0.65 | — |
| SPY P 420 BTC | 1 | 0.25 | -$0.65 | $24.70 |
Two lines again:
- First line: Your original short sale at $0.50
- Second line: Buy to close (BTC) at $0.25
Net profit: You collected $0.50, paid $0.25, minus commissions = $24.70 profit.
For taxes: Short-term capital gain of $24.70.
Outcome 3: Assignment
You sold a $420 SPY put. It got assigned; you own 100 shares.
In your IB statement, you might see two different things:
Option A (if IB shows the assignment as a separate transaction):
| Trade | Quantity | Price | Commission | Profit/Loss |
|---|---|---|---|---|
| SPY P 420 | -1 | 0.50 | -$0.65 | — |
| SPY | 100 | 420.00 | -$100 | — |
Reading this:
- You sold the put (short), collected $0.50 premium
- The put was assigned; you own 100 shares at $420
Your cost basis for the shares: $420 - $0.50 = $419.50 per share (the premium reduces your cost basis).
For taxes: The premium isn't immediately taxable. It adjusts your basis for the stock.
Option B (if IB consolidates—less common):
| Trade | Quantity | Price | Commission | Profit/Loss |
|---|---|---|---|---|
| SPY | 100 | 419.50 | -$0.65 | — |
This shows the net: 100 shares at $419.50 (strike minus premium).
Covered Calls
You own 100 SPY at $415. You sell a $430 call for $0.80. Call gets assigned.
In your IB statement:
| Trade | Quantity | Price | Commission | Profit/Loss |
|---|---|---|---|---|
| SPY | 100 | 415.00 | -$100 | — |
| SPY C 430 | -1 | 0.80 | -$0.65 | — |
| SPY | -100 | 430.00 | -$100 | — |
Reading this:
- You bought 100 shares at $415
- You sold a $430 call (short call)
- You sold 100 shares at $430 (assignment)
Your capital gain: ($430 - $415) × 100 = $1,500, plus $0.80 premium = $1,580 total.
Reconciling Your IB Statement with Your Memory
Here's where most traders get confused: Your IB statement shows gross proceeds, not net P&L.
The Reconciliation Process
Step 1: Find the trade in the "Closed Positions" section
Look for your option symbol, strike, and expiration date.
Step 2: Identify the open and close
- Open: Where you sold (short call/put) or bought (long call/put)
- Close: Where you exited (buy back / sell to close / let expire / assignment)
Step 3: Calculate your net profit
Profit = (Open price - Close price) × quantity - commissions
For example:
- Sell put: Open price $0.50, Close price $0.00 (expiration)
- Quantity: 1 contract (-100 shares)
- Commission: $0.65
- Profit: ($0.50 - $0.00) × 100 - $0.65 = $50 - $0.65 = $49.35
Step 4: Verify against your broker's "Profit/Loss" column
IB should show a "Profit/Loss" column that matches your manual calculation.
How IB Reports to the IRS (1099-B Basics)
Your IB statement feeds directly into your 1099-B form, which you get in January.
What You'll See on 1099-B
The 1099-B pulls data from your closed positions:
| 1099-B Box | What It Means | For Options |
|---|---|---|
| Box 1a | Sales proceeds | Strike price × 100 (for assignments) or closing price × 100 |
| Box 1b | Cost basis | Premium collected/paid |
| Box 1c | Long-term or short-term | Likely short-term (options < 1 year) |
| Box 2 | Gain or loss | Difference between 1a and 1b |
Example:
- You sold a $420 put for $0.50, let it expire
- Box 1a: $0 (closing price)
- Box 1b: $0.50 (cost basis = premium)
- Box 2: -$0.50 (at first glance, looks like a loss!)
But it's not a loss. The 1099-B form is confusing for options. You actually gained $0.50 (minus commissions).
Exporting Your IB Statement for Tax Software
Step 1: Download CSV Format
From IB Reports page:
- Select Activity Statement
- Choose your date range
- Download as CSV
Step 2: Open in Spreadsheet
Open the CSV in Excel or Google Sheets. You'll see raw data tables.
Step 3: Find the "Closed Positions" Section
Scroll down to find your closed options trades. This section lists:
- Symbol
- Quantity
- Open price
- Close price
- Commission
- Profit/Loss
Step 4: Export to Tax Software
Most tax software (TurboTax, H&R Block) can import 1099-B data directly. Here's how:
TurboTax:
- In Investment Income section, select "I have a 1099-B form"
- Either enter manually or import from CSV
- Follow prompts for short-term vs. long-term classification
H&R Block: Similar process; look for "Investment Income" → "Brokerage Statements"
Important: The software might misclassify options trades (especially assignments). Verify manually.
Common IB Statement Confusions
Confusion 1: "Proceeds" for Assignments Look Huge
Your IB statement shows:
- Sale proceeds: $42,000 (for a $420 strike assignment)
- Cost basis: $50 (the premium)
- Gain: -$41,950 (looks like a massive loss!)
Reality: This isn't a loss. The $42,000 is just how the assignment shows on the books. Your real gain is calculated when you later sell the stock.
Confusion 2: Multiple Lines for Rolls
When you roll a covered call, you'll see:
- Close line (buying back the old call)
- Open line (selling the new call)
This creates two separate tax events (even though you think of it as one roll).
Confusion 3: Commissions on Both Sides
When you close a position (buy or sell to close), IB charges a commission. You'll see commissions on both the open and close.
Example:
- Open a put: -$0.65 commission
- Close the put: -$0.65 commission
- Total commissions: $1.30 (for a round trip)
Many traders forget the opening commission.
Confusion 4: Multi-Leg Orders (Spreads)
If you opened a put spread as a single order, IB might show:
- Short put (your sale)
- Long put (your purchase for protection)
Two separate lines, but one P&L.
Interactive Brokers CSV Export: What Columns Mean
If you export to CSV, here are the key columns:
| Column | Meaning |
|---|---|
| Symbol | Contract (e.g., SPY 420P, SPY 430C) |
| Type | CALL or PUT |
| Quantity | Contracts (-1 if short, +1 if long) |
| Trade Price | Entry price |
| Multiplier | Always 100 for equity options |
| Close Price | Exit price |
| Commission | IB fees |
| Order Type | SLD, BUY, EXP (expiration), etc. |
| Profit/Loss | Trade P&L (before taxes) |
Tax-Specific Reconciliation Checklist
Before tax season, verify your statement:
- All closed positions are listed
- Open prices and close prices look right
- Commissions are included and correct
- Assignment trades show cost basis correctly
- Rolled positions show both close and open
- No double-counting of P&L
- Currency conversions (if trading non-USD) are shown
- Dividends are reported separately (in Cash section)
Using Your IB Statement for Ongoing Tracking
Best practice: Maintain a separate tracking spreadsheet for strategy-level analysis:
| Strategy | Month | Open Premium | Closed Profit | Assignments | Total P&L | Net Return |
|---|---|---|---|---|---|---|
| CSPs | Oct | $450 | $120 | +1 (cost: $42k) | $120 | 0.28% |
| Covered Calls | Oct | $380 | $280 | 0 | $280 | 0.68% |
| Total | Oct | $830 | $400 | 1 | $400 | 1.0% |
This way, you can see which strategies are working and troubleshoot problem areas (like covered calls consistently generating small profits but lots of assignments).
Platform Integration: Days to Expiry
When using Days to Expiry with IB integration:
The platform should:
- Pull your IB statement automatically (if you connect)
- Categorize trades by strategy (CSP, CC, spreads)
- Calculate cost basis through assignments and rolls
- Estimate tax liability by strategy
- Flag wash sale risks
- Export a summary for your accountant
This eliminates manual reconciliation work.
The Bottom Line: Using Your IB Statement for Taxes
Key takeaways:
-
Download monthly, not just at tax time
- Reconcile against your trades as you go
- Catch errors early
-
Assignment trades create two lines in your statement
- One for the option closing
- One for the stock purchase/sale
- Don't double-count P&L
-
Commission on both open and close
- Don't forget opening commissions
- They reduce your net profit
-
1099-B data comes from your closed positions
- Verify it matches your statement
- Manual adjustments needed for complicated strategies
-
Keep your CSV exports filed
- IRS might audit; you need documentation
- Your accountant will need them
Related Articles
Learn the complete tax picture:
- Complete Options Tax Guide: How Premiums, Assignments & 1099-B Work – Full framework for all tax outcomes
- Form 1099-B for Options Traders: Interactive Brokers Walkthrough – How to read your 1099-B form
- SPX Options Tax Treatment: Section 1256 Explained – Tax-advantaged trading strategies
- Wash Sale Rule for Options Traders: What You Need to Know – Avoiding common wash sale mistakes