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Strategies & Market Trends : Calls and Puts for Income -- Ignore unavailable to you. Want to Upgrade?

To: rllee who wrote (5627)	12/28/2012 3:24:17 PM
From: dealmakr	1 Recommendation Respond to of 5891

rllee In order to not get in trouble with wash sale rules and mark to market trader status you should see a professional tax accountant who is very versed and up to date in all of the new IRS rules and reporting requirements. In declaring Professional Trader status there are a lot of factors that come into play and not just wash sale rules. If you are very active and feel that this will impact you, I would strongly suggest spending some dough on getting good professional advice before you undertake this on your own. Good Trading dealmakr

To: rllee who wrote (5627)	1/5/2013 8:22:23 AM
From: Bridge Player	Respond to of 5891

If you simply close out all wash-sale related positions before the end of December there is never a concern. Obviously if your trading style is to roll loss positions out into 2013-expiring contracts then that would not work.

To: rllee who wrote (5627)	1/5/2013 5:31:00 PM
From: mach	Respond to of 5891

I've been using Tradelog accounting software for 4-5 years and am very happy with it. I have several brokerage accounts and trade long/short stocks and options and it handles wash sales that may be triggered between all these types of trades. It also produces the form 8949 for Sch D from a composite of all of the trades I've made and helps find errors in the wash sales reported on the 1099Bs. more info at: tradelogsoftware.com and on wash sales: tradelogsoftware.com even trades in an IRA may trigger wash sales: tradelogsoftware.com but I'm not going to worry about that until the IRS requires reporting of trades made in an IRA. HTH Mark