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Technology Stocks : Intel: Short Term Stock and Option Trading/Strategies
INTC 41.34-0.4%3:59 PM EDT
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To: TUAN N. TRAN who wrote (179)3/27/1997 5:22:00 PM
From: L. Adam Latham   of 220
 
All:

I have just recently started trading options, and have some questions about the tax consequences of non-IRA trading. Forgive me if the questions seem basic:

<1> When computing the taxable gains/losses, can commissions be included in the equation?

<2> If substantial profits are made (which I plan on :-)), how are the gains reported to the IRS? For instance, do you make quarterly tax payments, does the broker do it automatically, or what? I understand that there is a penalty at tax time if you haven't had enough taxes held back, true?

<3> If one of my covered calls that I sold is excercised, can I tell my broker which lot to sell, in order to minimize the taxable gain?

Thanks, Adam
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