Options Tax Reporting

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Subject Author Date Options Tax Reporting catsndogs4u 03-04-2008  Re: Options Tax Reporting removeps-groups@yahoo.com 03-04-2008  Re: Options Tax Reporting DF2 03-04-2008
Posted by catsndogs4u on March 4, 2008, 11:31 am Please log in for more thread options 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. >> << ------------------------------------------------------- >> Posted by removeps-groups@yahoo.com on March 4, 2008, 1:09 pm Please log in for more thread options On Mar 4, 8:31 am, catsndog...@gmail.com wrote: > 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. Are you saying you bought a naked option and it expired worthless, or 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. >> << ------------------------------------------------------- >> Posted by DF2 on March 4, 2008, 1:34 pm Please log in for more thread options In misc.taxes.moderated, catsndogs4u@gmail.com wrote: >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. I would hand-print EXPIRED in fine black pen above "worthless" or $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. >> << ------------------------------------------------------- >> Similar Threads Posted Reporting Stock options February 17, 2009, 9:27 am Stock Options February 18, 2007, 9:51 pm stock options April 15, 2006, 2:59 am tax implications on options September 10, 2008, 8:40 pm Blew 60-day IRA rollover. Options? February 5, 2008, 1:35 pm Statutory Stock Options? How to tell? February 16, 2008, 12:03 pm Foreign Resident and Stock Options January 12, 2007, 2:47 am Date acquired/sold for options January 30, 2007, 9:52 pm Incorrect CT 1040-x Filing, Any Options? October 30, 2007, 11:47 pm Non-Qualified Stock Options and Schedule D? February 3, 2009, 9:12 pm