Careful with your year end planning this year

[Optionray]

Looks like I'm screwed this year, took all my gains from trading options and kept the losses (Jan 55 calls  and  Jan 65 calls) to be sold this week.  Normally, I can call my broker and they will put in a courtesy sale (sale them for zero, and wave the fee).  They said there was some new regulation preventing them from doing that this year.  So basically, I'm stuck with these options this year because I can't sell them for zero, or even a penny for that matter,  and they will have to expire worthless in January, meaning I have to pay tax on gains which I was going to offset with the losses from these options that were to be sold this week.  Looks like I'll have to push the losses to next year.

So, be careful if you have the same strategy.  Maybe I'll get lucky and someone will buy them for a penny today or before the end of the year, but it doesn't look good.

[kommonsents]

I'm sure you can find someone to buy them.

[Optionray]

I'm sure you can find someone to buy them.

My 20 calls 65's expiring on 1/15/2016 can be had for a penny, plus broker fee.  Long shot!  Maybe I'll get lucky and someone will buy them.

Thanks

[Optionray]

I'm sure you can find someone to buy them.

My 20,  $65 dollar calls expiring on 1/15/2016 can be had for a penny, plus broker fee.  Long shot!  Maybe I'll get lucky and someone will buy them.

Thanks

Discovered there is something called a cabinet bid.  Similar to a market order, it is just a request to the market maker for consideration for a penny or less.  Hopefully, they'll consider my cabinet bid.  Friggin amazing a $10.00 purchase will prevent me from having to pay an extra $4000 in taxes this year.   Maybe they'll be some good news tomorrow and someone will pay $10.00 for my calls.

[kommonsents]

I'm sure you can find someone to buy them.

My 20,  $65 dollar calls expiring on 1/15/2016 can be had for a penny, plus broker fee.  Long shot!  Maybe I'll get lucky and someone will buy them.

Thanks

Discovered there is something called a cabinet bid.  Similar to a market order, it is just a request to the market maker for consideration for a penny or less.  Hopefully, they'll consider my cabinet bid.  Friggin amazing a $10.00 purchase will prevent me from having to pay an extra $4000 in taxes this year.   Maybe they'll be some good news tomorrow and someone will pay $10.00 for my calls.

Don't you have a friend that will buy them?  

[Optionray]

I'm sure you can find someone to buy them.

My 20,  $65 dollar calls expiring on 1/15/2016 can be had for a penny, plus broker fee.  Long shot!  Maybe I'll get lucky and someone will buy them.

Thanks

Discovered there is something called a cabinet bid.  Similar to a market order, it is just a request to the market maker for consideration for a penny or less.  Hopefully, they'll consider my cabinet bid.  Friggin amazing a $10.00 purchase will prevent me from having to pay an extra $4000 in taxes this year.   Maybe they'll be some good news tomorrow and someone will pay $10.00 for my calls.

Don't you have a friend that will buy them?  

Wish I did.  I think I was just a little/lot disappointed that my strategy didn't work out this year.  I've done the same thing for years now with no problems in the past, wish I would have known about the reg change. I could have easily sold them a few months ago when they had some value, just thought I'd hang on to them until the end of the year just in case there was some nice surprise (still hoping for that unexpected second deal with XOM).  Guess I have till the 15th for the hail mary, if options don't sell tomorrow or the next day.

[Optionray]

I'm sure you can find someone to buy them.

My 20,  $65 dollar calls expiring on 1/15/2016 can be had for a penny, plus broker fee.  Long shot!  Maybe I'll get lucky and someone will buy them.

Thanks

Discovered there is something called a cabinet bid.  Similar to a market order, it is just a request to the market maker for consideration for a penny or less.  Hopefully, they'll consider my cabinet bid.  Friggin amazing a $10.00 purchase will prevent me from having to pay an extra $4000 in taxes this year.   Maybe they'll be some good news tomorrow and someone will pay $10.00 for my calls.

Don't you have a friend that will buy them?  

Wish I did.  I think I was just a little/lot disappointed that my strategy didn't work out this year.  I've done the same thing for years now with no problems in the past, wish I would have known about the reg change. I could have easily sold them a few months ago when they had some value, just thought I'd hang on to them until the end of the year just in case there was some nice surprise (still hoping for that unexpected second deal with XOM).  Guess I have till the 15th for the hail mary, if options don't sell tomorrow or the next day.

Update - the order went through.  Boy, do I feel better now.  Must have been the good news about insiders buying shares

[Martinistocks]

Actually Optionray look on the Yahoo Board. MS said he would purchase them for you if you would donate to the ASPCA of Los Angeles. Check it out there is several messages there about your option strategy.

[Optionray]

Actually Optionray look on the Yahoo Board. MS said he would purchase them for you if you would donate to the ASPCA of Los Angeles. Check it out there is several messages there about your option strategy.

Wow, that is interesting, thanks for pointing that out.  For the record, I'm reading his yahoo message for the first time tonight and never agreed to do this, yet my options sold today anyway.

I had thought about buying my own options that were sold today through another IRA trading account that I have, but I suspected that would not have been legitimate from a tax perspective, nor would it have been legitimate if I asked my wife or a friend to buy them in one of their accounts, so I opted instead to let the free market work and take my chances with them being sold over the next few days for pennies.

I find it hard to believe that someone I don’t know would buy these options, for basically nothing in return for himself, based on my post about my disappointment with my year-end tax planning strategy not working out.  But, out of the blue, someone referred to as mspieks at yahoo claims to have done so.

As far-fetched as that may seem to most, I believe him.  I can honestly say I don’t know too many people that would even entertain the idea of doing something as generous or selfless.  Combine that with the information on the yahoo board that states that he is a volunteer at an animal shelter and I start to get the picture of a person who has tremendous character and generosity, supporting my position that he did buy those options today and I really do appreciate it mspieks, thank you!  Referring back to my first paragraph, although I never agreed to make a donation in exchange for you purchasing the options. I will be heading down to our local animal shelter to make a larger donation in appreciation of you as a caring and compassionate person and in addition to everything you do for the animal shelter.

Sincerely,

Ray