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If I traded option (iron condors) how do I list on 8949 if…

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If I traded option...

If I traded option (iron condors) how do I list on 8949 if there is no basis

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have the list of buys and sells. can I just list the total or do I need to list each

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Purchase price was plus for sells and minus for buys but the seel price is 0

Submitted: 1 month ago.Category: Tax
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3/7/2018
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 1 month ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 942
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 1 month ago

Dear Customer,

Option trades are not reported on Form 8949. They are reported on Form 6781. Your brokerage statement should have provided you with sufficient information to do the tax return.

Enclosed is link to the Turbo Tax instruction on how to report Gains and Losses from Section 1256 Contracts and Straddles.

https://turbotax.intuit.com/tax-tips/investments-and-taxes/what-is-form-6781-gains-and-losses-from-section-1256-contracts-and-straddles/L2rfcJXT9

Please feel free to follow up.

Regards,

Fiona

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Dr. Fiona Chen
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Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
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