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The_Dude_01 Posts:1 2007-02-02 11:50:19 |
Tax Liability concerning Options on Futures? |
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| I have been told that I am responsible for the value of each contract even though it was not closed with in 2006? Is that accurate. IE.... Bougth a contract at $5,000 in 2006 and it ended the year at $10,000 but the contract was still held in my account at 12/31/2006. I would think that I am not liable for the tax but I am being told that based on futures that I am taxed for $5,000 gain and then I can take a loss or pay more tax based on the closing price when I sell or exercise the option. Anyone have an idea?
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