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.

fanfare

Level 15

@fanfarewhen you do it this way TurboTax asks for a Schedule of Straddles and Components as well. There is also something that asks for "If you have a net section 1256 contracts loss and checked Box D above, enter the amount of loss to be carried back. Enter the loss as a positive number. If you didn't check box D, enter -0-"

Would you know how to approach this?

Yes I do.

As I said, don't check any of the Options.

" If you didn't check box D, enter -0-"