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Author: Crosenfield Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121175  
Subject: Re: Covered call and tax losses Date: 10/19/2001 4:32 PM
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You can offset part of the loss on the stock with the gain on the options.
You can use the remaining loss on the stock to offset other capital gains.
You can offset up to $3000 of remaining loss against ordinary income, which includes dividends and interest as well as salary or other income.
If you have more loss than that, you can carry it forward to next year, and offset capital gains plus up to $3000 of other income.
Best wishes, Chris
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