Are these firgures reported to Uncle Sam?
2007-05-07 06:53:01 · 5 answers · asked by duke 5 in Business & Finance ➔ Investing
Yes, the gain is taxable as previously indicated. Your "purchase" price is zero and your "purchase" date is the the day the options expired. The gain will be short term regardless on the time the position was open.
No, the figures are not normally reported to Uncle Sam, although the IRS can request the information and your brokerage would supply it.
2007-05-07 08:20:46 · answer #1 · answered by zman492 7 · 0⤊ 0⤋
Yes, anytime you realize a capital gain, Uncle Sam want's his cut. Selling options, covered or naked, is a gain.
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2007-05-07 14:21:06 · answer #2 · answered by SWH 6 · 0⤊ 0⤋
Yes -- you must pay taxes and the information is reported.
2007-05-07 15:37:59 · answer #3 · answered by Ranto 7 · 0⤊ 0⤋
Yes, you "bought" the contracts after you had sold them. Your buying price is zero.
2007-05-07 14:24:21 · answer #4 · answered by Gene 2 · 0⤊ 0⤋
Yes.
2007-05-07 14:56:36 · answer #5 · answered by Oh Boy! 5 · 0⤊ 0⤋