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

To: Colin Cody who wrote (467)1/16/1998 4:10:00 PM
From: Ira Player  Read Replies (1) | Respond to of 5810
 
Colin,

Question about ISO's (Incentive Stock Options) and Alt Min Tax.

If ISO's are excercised in 1997 and held into 1998, the spread is a preference item for Alt Min Tax.

If, for example, you have "Normal" tax of $10000, Alt Min Tax of $12000 ($2000 more than "Normal"). Alt Min tax without the ISO would have been $8000.

What is the credit you can carry forward?

I think $2000. (not $4000)

Is this correct?

How must it be documented?

How is it recaptured?

Ira



To: Colin Cody who wrote (467)1/17/1998 9:30:00 PM
From: Area51  Read Replies (1) | Respond to of 5810
 
All, I have a tax question. I sold 1 ASND Dec 35 puts for say $2 per share last year and was assigned the shares. Do I have to report the $200 (less any commision) as income for 1997? Or can I just say I have a cost basis of $33 on the ASND shares, and not report any income from the put sale?
TIA,
Garry


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