Options are treated like stock sales when they expire and when they are sold. Enter them as follows in your tax return and usually there is not selling price if they expire and no cost basis if there is a gain.
Investment property, report the sale using the steps below:
- Under Wages & Income scroll to Investments & Savings
- Select Start/Revisit beside Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
- Select Add Investments or continue to go through the screens to select 'Other' > Continue
- Begin to enter the sale description > Under Type select Other > Under How did you receive select 'I Inherited it' (if applicable)
- For TurboTax Desktop you would enter the description 'Symbol Put or Call' and select the hold period
- Enter your sale date and 'Various' as the Acquired date
- Continue to complete the screens until you arrive back at the Wages & Income main page.
- Long term gains, defined as those held for longer than one year, generally have more advantageous tax characteristics than short-term gains, which are held for one year or less.
@oakwoodzzh
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