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Level 2
posted Feb 2, 2021 12:24:53 PM

TurboTax handling of cost basis of expired shorted stock call options

For some reason, TurboTax doesn't recognize a zero cost basis for expired shorted stock call options that have been transmitted from Schwab on a form 1098.  I have hundreds of transactions each year that have to be manually entered.  Anyone that shorts call options and lets them expire has this problem.  Please fix it.

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2 Replies
Level 15
Feb 2, 2021 12:33:17 PM

As one who trades call options , be aware  that Category A or D transactions without adjustments can be aggregated on Schedule D Line 1a or 8a, and do not require Form 8949, so there is no reason to import or key in manually those transactions.

Only Category A or D transactions with adjustments, i.e. wash sales, have to be itemized.

Level 2
Feb 2, 2021 12:40:58 PM

Thanks for the workaround of my problem, but how do you download all the other brokerage data and not the expired option transactions?  From past experience, it seems like it's all or nothing.