Options cost basis tax reporting in 2013

Discussion in 'Taxes and Accounting' started by turkeyneck, Jan 15, 2013.

  1. How do you keep track of your options trades, especially with multi-leg complex strategies for tax reporting purpose?
     
  2. what exactly would u like to know?
     
  3. Brighton

    Brighton

    You could try this for free for 30 days:

    http://www.tradelogsoftware.com/

    and see how it handles your 2012 or 2013 transactions (up to 200 records).

    I haven't used it to prepare my tax forms yet, but after using the demo in September, and seeing how it matched transactions, I was sold. It saves so much time and the price is very reasonable.
     
  4. 1245

    1245

    One of my clients uses Gains Keeper. He is very demanding and does a lot of transactions and likes them.

    http://www.gainskeeper.com/

    1245
     
  5. This is my first year with option transactions to report... Have completed many Sch D's, but never with option transactions...

    About 200-250 in total from Covered Calls and Puts and Spreads... on RUT, SPX and NDX, which have their own special considerations....

    I was thinking / hoping that my broker (OptionHouse) would summarize this data for reporting purposes...

    Am I being overly optimistic?
     
  6. moonmist

    moonmist

    Broad-based index options, eg. options on SPX, NDX, RUT, OEX, etc, are 1256 contracts. You just need to report the total gain or loss. ( NO wash sale rules, but need to mark open positions to market at year end.) I never trade with OptionHouse. But some brokers do calculate the net gain/loss of 1256 contracts, and ordinary stock options in two separate sections for their customers.

    By the way, how can you have covered calls for RUT and SPX ? :)
     
  7. In my early trading days.... back in March, 2012 (hehe).... I played with some Naked Puts, some of which were assigned, and associated Covered Calls....

    Most of my transactions and my current focus is credit spreads on the index options.....

    Thanks
     
  8. I don't see any reason why Quicken can't handle this ?

    I have accounts at AMTD, Optionshouse, Fido & eOptions and I never had any problems importing everything.
     
  9. Thanks for this .... I do use Turbo Tax and if it can be imported into Quicken, I see no reason Turbo Tax cannot handle the import directly.

    Thanks
     
  10. gkishot

    gkishot

    I think this year your broker will do tax reporting for you.
     
    #10     Jan 15, 2013