SLV call option loss

Forum|Forum|4 years ago
March 25, 2022
1 reply
1 view

I have a call option loss on SLV of around -$200. Fairly small and my only option trade. Where in Turbotax would I record this? I am seeing it listed under the Section 1256 Contracts - Regulated Futures and Nonequity Options. The choices it gives me are in the straddles section and I am confused. Where should I report this? I have a choice between Mixed straddle election, straddle-by-straddle identification election, mixed straddle account election, and net section 1256 loss election? Is it even a straddle? I am totally confused and any help as to what form I should use would be great. Thank you!

GeorgeM777

Level 11

It is not a straddle if all you had was one call option contract. To have a straddle you would need two offsetting options. To keep this simple, you could just report this one option trade as follows:

Go to Income & Expenses,
Scroll down the page to Investment Income,
Select Stocks, Cryptocurrency, Mutual Funds, Bonds, etc.,
On the next page, select options when asked What type of investment did you sell?
Enter your information.

@dubtaxes

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dubtaxesAuthor

Level 2

HI @GeorgeM777 thank you for the response. I am on the Mac Premier version and I do not see an Income & Expenses section. Is there a similar section for the Mac version? I do not see anything for Options.

GeorgeM777

Level 11

Yes, the Mac online version of TurboTax has the same display as the PC version. When you log back into your account, you will likely be on the Home page. From the Home page select Income & Expenses, or if you see Pick up where you left off under Income & Expenses, you can select that too. Once selected, the application will open and at the top the page, you should see the various main categories such as Income & Expenses, Deductions & Credits, and Other Tax Situations.

To get to the section where you can enter your option information, from Income & Expenses, scroll down to Investment Income and click on the drop-down arrow if necessary. Select Stocks, Cryptocurrency... After a few pages, you should see a page where you can enter your option information.

@dubtaxes

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