TAXMAN Posted April 2, 2009 Report Share Posted April 2, 2009 Help TP has a 1099b with a lot of puts and calls. No foggy idea how to read this thing or even attempt to put on schedule D. Anybody got any quick ideas. 1099 B was provided by thinkorswim on line service. Looks like all stcg. HELP Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted April 2, 2009 Report Share Posted April 2, 2009 Not a good time of the year to learn about something that's a little complicated but I would google puts and calls. taxbilly Quote Link to comment Share on other sites More sharing options...
JRS Posted April 2, 2009 Report Share Posted April 2, 2009 Here is a site that will give you a quick idea about options: http://www.optionseducation.org/basics/whatis/default.js Another place to look is : http://www.fairmark.com/index.htm - use their seach. Without knowing how your client "played" the puts and calls, I can't tell you how to handle. If they "Buy" the Put or Call, it is handled just like a stock. If they "Sell", it is handled like a short sale. If the option is "assigned" or "exercised" then you add the "premium" to the basis. Quote Link to comment Share on other sites More sharing options...
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