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Strategies & Market Trends : Options
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To: Bridge Player who wrote (5545)3/26/2000 12:08:00 AM
From: Jill  Read Replies (1) of 8096
 
I checked with my new CPA, Colin Cody, who posts sometimes on the tax thread. He handles people who trade frequently. He said cc are treated as income. They are indeed taxable.

The holder of an option (meaning any option, listed or unlisted, whether or not exchange traded, equity or nonequity) recognizes gain or loss when:
(a) the option is allowed to expire unexercised, or
(b) the option is sold or assigned for value.
If the option is exercised, there is, generally 66 no taxable event and the premium is added to the price paid for the stock in determining its basis. Exercise of a put results in the sale of the property, and the premium is deducted from the sale price in determining the amount realized from the sale.

If anybody wants more info his website is traderstatus.com
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