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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