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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: No Mo Mo who wrote (24474)	12/13/2000 9:38:02 AM
From: edamo	Read Replies (1) of 65232

no mo mom..."wash rules" consult a cpa who is familiar with options transactions. the wash rule is very clear when it comes to long option positions, but quite cloudy with short options positions which are considered "economic obligations" basically the tax code states for the option seller: "the receipt of the premium for writing an option has no tax consequences to the writer until the option either lapses(expires), is exercised, or is offset in a closing transaction" (irc sec. 1234) remember option profit and tax losses are still on the honor system as 1099 are not required for these trades. keep perfect records as they are all you truly have to use as back up for your tax filing... good luck ed a.

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