Karen Lee Posted May 27, 2008 Report Share Posted May 27, 2008 I would like a good resource in learning how to report stock options. I have a return to do with puts and calls and have never reported these before. HELP!! Karen Quote Link to comment Share on other sites More sharing options...
MJG CPA Posted May 28, 2008 Report Share Posted May 28, 2008 I would like a good resource in learning how to report stock options. I have a return to do with puts and calls and have never reported these before. HELP!! Karen If you have the 1040 QuickFinder, see pgs. 7-7, 7-8, and 7-15; also Pubs 525 and 15-B if it is an employee stock option. That will at least get you started. Quote Link to comment Share on other sites More sharing options...
JRS Posted May 28, 2008 Report Share Posted May 28, 2008 This site is a good learning source from the industry. Puts and calls are not as complicated as they seem. The Tax Book and Quickfinders both have good descriptions but the Options Council site gives you both the tax side and how to understand how they really work, which really helps in understanding some clients strategies. My wife uses a lot of options, sometimes over fifty in one year, but she does not use the conventional ways. http://www.optionseducation.org/ Quote Link to comment Share on other sites More sharing options...
Karen Lee Posted May 28, 2008 Author Report Share Posted May 28, 2008 Thank you very much. I'm all over it today! Karen Quote Link to comment Share on other sites More sharing options...
Lion EA Posted May 28, 2008 Report Share Posted May 28, 2008 I had only one client who made use of puts and calls. His annual paperwork included some excellent explanations about how to report them. I think he trade through Schwab. Quote Link to comment Share on other sites More sharing options...
MJG CPA Posted May 28, 2008 Report Share Posted May 28, 2008 I had only one client who made use of puts and calls. His annual paperwork included some excellent explanations about how to report them. I think he trade through Schwab. Yes, I received some of these from my clients also. So be sure to ask your client for any such information [clients don't always bring you all the paperwork they received-at least mine don't]. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted May 29, 2008 Report Share Posted May 29, 2008 I know. I have to beg and plead for the annual reports, especially if they were mailed separately from the consolidated 1099s. But, they'll include all those useless marketing brochures from their brokers and banks in the stack of papers they bring me. Quote Link to comment Share on other sites More sharing options...
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