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#1
03-04-2008, 05:34 PM
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 Re: Options Tax Reporting In misc.taxes.moderated, catsndogs4u[at]gmail.com wrote: - quote - > I started trading options last year. I sold a Put option that
I would hand-print EXPIRED in fine black pen above "worthless" or> expired. I understand I report the premium I received on schedule D > and write the word "expired" in column e (cost basis). However, > Turbo Tax isn't allowing me to put "expired" in column e. Can I > just put $ 0 or the word "worthless" in column e (cost basis)? > Turbo Tax seems to allow the word "worthless". What does IRS > want in (column e = cost basis) when you sell a call/put option > that expired? Thanks in advance. $0. Non-expert opinion. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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03-04-2008, 05:09 PM
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| Re: Options Tax Reporting On Mar 4, 8:31 am, catsndog...[at]gmail.com wrote: - quote - > I started trading options last year. I sold a Put option that
Are you saying you bought a naked option and it expired worthless, or> expired. I understand I report the premium I received on schedule D > and write the word "expired" in column e (cost basis). However, > Turbo Tax isn't allowing me to put "expired" in column e. Can I > just put $ 0 or the word "worthless" in column e (cost basis)? > Turbo Tax seems to allow the word "worthless". What does IRS > want in (column e = cost basis) when you sell a call/put option > that expired? Thanks in advance. that you had say 100 shares of XYZ and wrote 1 put contract on XYZ and those options expired, so you made money? BTW, I suppose you can put the words such as "expired" or "worthless" in the description. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
03-04-2008, 03:31 PM
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| Options Tax Reporting I started trading options last year. I sold a Put option that expired. I understand I report the premium I received on schedule D and write the word "expired" in column e (cost basis). However, Turbo Tax isn't allowing me to put "expired" in column e. Can I just put $ 0 or the word "worthless" in column e (cost basis)? Turbo Tax seems to allow the word "worthless". What does IRS want in (column e = cost basis) when you sell a call/put option that expired? Thanks in advance. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| options, reporting, tax |
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