SLV Call Option Loss

dubtaxes · ‎April 10, 2022

I have a call option loss on SLV of -$223. This was my only option trade. It shows up on my 1099-B as a Section 1256 Contract.

I'm just not sure where to report this:

Option
A Section 1256 Contract

Should I report it as an option or a Section 1256 Contract? I asked this somewhere else but I am inclined to put it as an option. If I do it as a Section 1256 contract, TurboTax asks to input the Schedule of Straddles and Components and the amount to be carried back.

I have mentioned this in a previous post but am still a little confused although it is a nominal amount.

If you have made it here, thank you for reading through this!

GeorgeM777 · ‎April 11, 2022

Yes, report the option as a Section 1256 contract. SLV is a grantor trust and therefore options written against the SLV are non-equity options. Non-equity options are Section 1256 contracts and should be reported as such.

@dubtaxes

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

SLV Call Option Loss

I have a call option loss on SLV of -$223. This was my only option trade. It shows up on my 1099-B as a Section 1256 Contract.

I'm just not sure where to report this:

Should I report it as an option or a Section 1256 Contract? I asked this somewhere else but I am inclined to put it as an option. If I do it as a Section 1256 contract, TurboTax asks to input the Schedule of Straddles and Components and the amount to be carried back.