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<<This brings up a question I had. Is it considered a wash sale if you have a cap. loss after selling a call/put option and then buy the underlying stock within the 30 day period?>>

Potentially yes...depending upon how the transaction is structured. But now things can get pretty complicated. So without a specific example, I hesitate to provide any "rule of thumb".

Where the wash sale rule is applied because of the acquisition of an option or a contractual right (or obligation) to buy property identical to the property sold at a loss, and the option or right expires unexercised, the previously disallowed loss will presumably be allowed as of the date of such expiration.

In the case of a call option, this results from the application of the rules set forth above relating to options transactions. Where a deep-in-the-money put is granted, the gain realized when the option expires will apparently be set off against the loss sustained on the sale of the stock.

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