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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (49196)2/27/1999 1:57:00 PM
From: Exacctnt  Read Replies (2) of 132070
 
Mike, Since you trade options frequently, here's a tax question. If one buys a call option and sells it within 10 days for a gain, then buys another call option on the same stock with it subsequently expiring worthless, all within 30 days, how do the tax rules apply? Do I declare only the gain on the sale and no losses? Or, since I am completely out of the stock, is the loss allowed?

Regards,
Bob
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