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To: ggamer who wrote (108406)	11/8/2001 1:37:36 PM
From: marginmike	Read Replies (2) \| Respond to of 152472

a capital gain is a capital gain. If you own a picasso and bought in 1948 for 10 k and is now worth 20 million you must declare the profit. If you bought a house, etc. If you bought a collectible Rat they will tax you and you must declare it or face tax evasion reprecusions if caught. Pay your taxes, its just money-g-

To: ggamer who wrote (108406)	11/8/2001 1:46:48 PM
From: Ibexx	Read Replies (1) \| Respond to of 152472

Re. Realistically most people lose money on options so it won't make a difference for most. ;) Not true. Most of my profits in recent years were derived from option plays, since I rarely traded my long term holdings. MM is right: better pay your taxes on options profits or face severe consequences. Ibexx

To: ggamer who wrote (108406)	11/8/2001 2:16:07 PM
From: Stu R	Read Replies (1) \| Respond to of 152472

The subject of cheating the IRS on gains in options transactions is no different than that of stock transactions. The reason is that although the 1099B issued by the broker shows stock proceeds, it does not show the cost basis. Therefore, the taxpayer can report any gains or losses they choose without the IRS having any ability to match other than in an audit. Capital gains transactions are wide open for cheaters willing to take a risk against being audited. Of course, I am in no way endorsing cheating. Stu