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Strategies & Market Trends : Tech Stock Options

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To: Kevin who wrote (40198)	4/18/1998 2:54:00 AM
From: Scott Pease	Read Replies (1) of 58727

For all the option experts in the group - what is the deal with taxes and options? I only made 3 option trades last year, so it was simple for me, but I noticed on my brokerage statements from Schwab that my option trades had a huge notice at the beginning to the effect that Schwab did not notify the IRS of my option trades. Is this some kind of strange loophole? Doesn't this mean people who are trading options can simply keep their profits and not tell the government anything? Conversely, what about taking capital losses? I assume most people lose money on options (I lost on two out of my three trades :), the IRS will believe my schedule D, won't they? I thought about asking my CPA, but since the amounts (relative to the stock trades I made) were so small and insignificant for 1997, I haven't. But I'm just curious if I make any 1998 option trades.

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