Broker Detective Blog

June 27, 2010

Put Options and Being Short Against the Box?

Filed under: Investing — admin @ 2:48 pm

Pers asked:


So here is the situation:

You own 500 shares of a stock that is a double leverage etf (bearish) at $9.50
AND
are long 5 put contracts @ $0.25 that are about to expire and allow you to sell at $9.00

The Security is trading at $9.01

Question:

Can you exercise the put contracts even though they are not in the money and be “short against the box” against you long position?
or
Do you automatically sell the underlying security if you exercise the contracts?

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June 17, 2010

A question on day trading and wash sale rule?

Filed under: Uncategorized — admin @ 9:28 am

kbjnice7 asked:


I am a pattern day trader, and I was wondering if wash sale rule would increase my tax. Other than no buying the same stock for 30 days, there is no way to avoid wash sale rule except for getting IRA account?This is my first year as a full time day trader and it will be my first year to pay income tax as well.

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June 12, 2010

What’s the tax rate on dividends from money market mutual funds?

Filed under: Uncategorized — admin @ 8:12 pm

AC asked:


I’m trying to figure out whether to put some liquid savings in an on-line savings account on which, based on my understanding, the interest is taxable at the marginal income tax rate …. OR in a money market mutual fund which pays dividends … what’s the tax rate applicable on these dividends?

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