Options Message Board - Msg: 13383821

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Strategies & Market Trends : Options

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To: AmericanVoter who wrote (6223)	4/9/2000 3:12:00 PM
From: edamo	Read Replies (1) of 8096

amein.... the brokerage firm is not the best to rely on for tax consequences.... go through the current tax code, there is no clear ruling on options, if there were, then option transactions would be reportable on a 1099 from the brokerage. suggest you ask the brokerage who determined your transaction as why not 1099 reportable....also the final answer given by bear stearns "was to ask your accountant as they do not give tax advice"......but yet they gave you tax advice..... what am i missing.... also, buying/selling prior to establishing the loss is also considered a wash sale with common stock, as i believe the ruling is 30 days before and after the transaction....this precludes you from buying the identical position before selling the original position at a loss.... my comments apply only to options....particularly on the sell side....the question is "if i sell a put, and the assignment is thirty days after i sell the common at a loss.....is it a wash sale"......... the seller of the put or call, does not have the power to conclude the transaction at will.....the buyer does...

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