Lack of Options in Tax Software

Options transactions fall into the "Other" category, which means more mouse clicks are needed to get the information entered. Options are considered securities by the IRS, so gains are subject to the same kinds of treatment as gains on stock transactions. The IRS does not yet require onlin...

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Bibliographic Details
Published inBarron's Vol. 90; no. 9; p. 32
Main Author Carey, Theresa W
Format Trade Publication Article
LanguageEnglish
Published New York, N.Y Dow Jones & Company Inc 01.03.2010
Subjects
Customer services
Online transaction processing
Options trading
Software
Software packages
Stocks
Tax gap
Tax preparation
Websites
United States > US
Online AccessGet full text
ISSN1077-8039

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Summary:Options transactions fall into the "Other" category, which means more mouse clicks are needed to get the information entered. Options are considered securities by the IRS, so gains are subject to the same kinds of treatment as gains on stock transactions. The IRS does not yet require online brokers to report options transactions. That all changes this year. Brokers are now required to report options transactions to their clients and to the IRS. SmartStops nearly two years ago debuted a service that recommends exit strategies for stocks. It's just added Reentry Alerts to tell you when it might be safe to get back in. TradeKing (www.tradeking.com) expanded its Webinar and All-Star blogger programs while expanding its Online Learning Center.
ISSN:1077-8039