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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: hpeace who wrote (214)11/21/1997 9:51:00 AM
From: Colin Cody  Read Replies (1) | Respond to of 5810
 
steve, What's the cite for the IR Code secition you mentioned? I'd like to read it to see the reasoning to treat a contract as substantially equilivant to a marketable security.
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I'd have to agree with you that buying a call option 31 or more days prior to selling the stock at a loss would clearly put you out of the wash sale window.
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If you were nervous that the stock might go further DOWN, you could even buy a put option 31 days prior to maintain a status quo.
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Colin



To: hpeace who wrote (214)11/21/1997 11:16:00 AM
From: Mike Hagerty  Read Replies (1) | Respond to of 5810
 
To anyone--A question--
If I sell naked puts that expire in Jan will I have to count the $ I get as profit for 1997 (assuming I don't buy and cover by Dec. 31) even though they might result in a loss later?

Same question for selling stocks short. If I haven't covered by Dec. 31 does all of it count as profit even though I might buy and cover at a loss Jan 1, 1998?

Thanks in advance.


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