Covered Call Options

Hello all,

I do I go about dealing with a covered call transaction in Microsoft
Money 2007 Premium? Currently what I am doing is inputing the option
symbol, and choosing the transaction "Sell to Open" then when I go to
expire the option I try to do a Sell to Close. However it does not
seem to work? Also what happens if instead of expired I has the
position assigned? how would I account for that? Thank you.

Shhhh
0
4/1/2008 3:41:28 AM
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In microsoft.public.money, Shhhh wrote:

>
>I do I go about dealing with a covered call transaction in Microsoft
>Money 2007 Premium? Currently what I am doing is inputing the option
>symbol, and choosing the transaction "Sell to Open" then when I go to
>expire the option I try to do a Sell to Close. However it does not
>seem to work?

What happened that you think should not have happened?


> Also what happens if instead of expired I has the
>position assigned? how would I account for that?

That would be the Exercised choice.

> Thank you.
0
via_newsgroup (13114)
4/1/2008 5:16:12 AM
On Apr 1, 12:16=A0am, Cal Learner-- MVP <via_newsgr...@please.tnx>
wrote:
> In microsoft.public.money, Shhhh wrote:
>
> >I do I go about dealing with a covered call transaction in Microsoft
> >Money 2007 Premium? Currently what I am doing is inputing the option
> >symbol, and choosing the transaction "Sell to Open" then when I go to
> >expire the option I try to do a Sell to Close. However it does not
> >seem to work?
>
> What happened that you think should not have happened?
>
> > Also what happens if instead of expired I has the
> >position assigned? how would I account for that?
>
> That would be the Exercised choice.
>
>
>
> > Thank you.- Hide quoted text -
>
> - Show quoted text -

Thanks for your reply Cal... let me see if I can explain better... I
entered the covered call buy buying the underlying shares, and doing a
"Sell to open" transaction to write the call. Now the time has come to
get out of this transaction... The option is now worthless, so I do a
"Buy to close" transaction for $0 because it's worthless. Now what
should happen is my Profit should be the premium I recieved when I
originally sold the call. However Money 2007 Simply shows me exiting
the position with $0 profit, which obviously isn't right.

Any thoughts on how to correct this?

Thank you for all your help in this group!
0
Shhhhh22 (1)
4/11/2008 5:47:21 AM
In microsoft.public.money, Shhhhh22@gmail.com wrote:

>On Apr 1, 12:16�am, Cal Learner-- MVP <via_newsgr...@please.tnx>
>wrote:
>> In microsoft.public.money, Shhhh wrote:
>>
>> >I do I go about dealing with a covered call transaction in Microsoft
>> >Money 2007 Premium? Currently what I am doing is inputing the option
>> >symbol, and choosing the transaction "Sell to Open" then when I go to
>> >expire the option I try to do a Sell to Close. However it does not
>> >seem to work?
>>
>> What happened that you think should not have happened?
>>
>> > Also what happens if instead of expired I has the
>> >position assigned? how would I account for that?
>>
>> That would be the Exercised choice.
>>
>>
>>
>> > Thank you.- Hide quoted text -
>>
>> - Show quoted text -
>
>Thanks for your reply Cal... let me see if I can explain better... I
>entered the covered call buy buying the underlying shares, and doing a
>"Sell to open" transaction to write the call. Now the time has come to
>get out of this transaction... The option is now worthless, so I do a
>"Buy to close" transaction for $0 because it's worthless. Now what
>should happen is my Profit should be the premium I recieved when I
>originally sold the call. However Money 2007 Simply shows me exiting
>the position with $0 profit, which obviously isn't right.

Where are you looking? Tax report? Capital gains report? The Gain
column of the Portfolio? I entered a test case into a Money Plus
file, but I could not replicate the problem in any of those three
places.

Also, make sure of the right way to report a covered call expiration
on taxes.  http://www.irs.gov/pub/irs-pdf/p550.pdf 
The area the bottom of page 57, for example could provide info.







>
>Any thoughts on how to correct this?

0
via_newsgroup (13114)
4/11/2008 4:49:25 PM
Reply:

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