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Strategies & Market Trends : Options -- Ignore unavailable to you. Want to Upgrade?

To: Neal davidson who wrote (5532)3/25/2000 1:50:00 PM
From: Dr. Id  Respond to of 8096
 
Again, I believe that you have to take the short term capital gains. Unless the option is exercised to buy or sell the stock, the proceeds cannot to used to reduce basis. So, other options in the same stock (that expire) are separate transactions and are taxed as such.

I met with my accountant yesterday and we went through this! :-)

JB



To: Neal davidson who wrote (5532)3/25/2000 3:19:00 PM
From: DM  Read Replies (2) | Respond to of 8096
 
If you sell covered calls on stock you own, then that will reduce your cost basis, no tax is due until you sell the stock.

This is per my CPA.

DM


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