Hello.
I owned warrants in the SPAC PSTH. On July 26, 2022 those warrants expired when the SPAC liquidated.
In exchange, the SPAC underwriter has issued CUSIP's to us via a trust (as I understand it) so that we could participate in a future offering they are trying to put together through a new investment vehicle.
All that is fine. The problem is that IB is showing the warrants as a covered opening and closing transaction, with zero loss - even though I received no funds from the warrants expiration. So I put a bunch of money into those warrant purchases, and got none in return upon liquidation. (The stock I held in the SPAC, yes I got funds back, but not for the warrants)
If they had not shown the warrants on the 1099 as a covered transaction, I'd be able to carry that loss forward later.
Does anyone disagree with my perspective?
I suppose I still could carry the loss forward - and either use that basis for any future theoretical transaction for those CUSIP's held in escrow. But this doesn't seem right.
IB is actually showing funds received equal to my cost basis when I received no such funds. I'm hoping they come back with a better answer to me but I'm not optimistic as this is a complicated situation.
I'd appreciate any advice.
