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

To: B4TheBell who wrote (953)	4/5/1998 7:04:00 PM
From: Colin Cody	Respond to of 5810

How do I record the dates on Sched. D for short transactions? i.e. 4/15/97 sold 100 shares XYZ Corp. (short) 4/16/97 sold 100 shares XYZ Corp. (short) 4/22/97 bought 200 shares XYZ Corp. (cover) Do I put 4/22 as "date acquired" in column (b) and 4/15, 4/16 as "date sold" in column (c)? YES ------------------------------------------------ IRA accounts allow covered call writes (if approved for option writing). A debit balance incurred through a transaction can be offset through a covered call write if desired CBOE OPTION SALES SETTLE IN ONE DAY. STOCK PURCHASES SETTLE IN THREE DAYS. HENCE IF YOU HAVE A DEBIT BALACE FROM A STOCK PURCHASE, YOU HAVE TWO DAYS TO WRITE COVERED CALLS AND CLEAR IT UP. I WOULDN'T WRITE CALLS ON THE STOCK JUST PURCHASED THOUGH... I AM WONDERING IF THAT MAY BE A NO-NO. UNLESS THE CALL-WRITE WAS DONE THE SAME DAY AS THE PURCHASE.