Options sale question

Discussion in 'Taxes and Accounting' started by UVXY20, May 16, 2024.

  1. poopy

    poopy

    Good point. Only applies to SN.
     
    #11     May 17, 2024
  2. Robert Morse

    Robert Morse Sponsor

    SN?

     
    #12     May 17, 2024
    taowave likes this.
  3. newwurldmn

    newwurldmn

    Single names.
     
    #13     May 18, 2024
  4. UVXY20

    UVXY20

    But what if you mix an index option with a SN. For example, close a losing SPX option and replace the position with 1000 SPY?
     
    #14     May 18, 2024
  5. BMK

    BMK

    #15     May 18, 2024
  6. BMK

    BMK

    No, it's not illegal. It is not illegal to execute that type of trade.

    Depending on the specific facts and circumstances, it may not produce the tax effects that you are hoping for. And if you do not properly report the transactions on your tax return, e.g., if you claim a tax loss that you are not really allowed to claim, then you are violaing federal tax law.

    The trade itself is not "illegal."
     
    #16     May 18, 2024
  7. BMK

    BMK

    That will not generate a wash sale under US tax law.

    An SPX option is a cash-settled index option. It does not have an underlying security.

    Shares of SPY are not the same security as an SPX option. And an SPX option is not a contract to buy or sell SPY. It is something else.
     
    #17     May 18, 2024
  8. UVXY20

    UVXY20

    Interesting. Thanks.
     
    #18     May 18, 2024
  9. There's nothing illegal about making any trade.

    If your intent behind the trade is tax avoidance, we have clear rules to help avoid that. That's not 'illegal' that's called good tax planning and leveraging the laws allowed.

    It would be illegal to hide something you need to report, like transactions that are identical between otherwise separate accounts...
     
    #19     Sep 22, 2024
  10. newwurldmn

    newwurldmn

    my tax accountants say they focus on tax avoidance vs tax evasion.
     
    #20     Sep 22, 2024