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Subject:  do I pay for my option mistake? Date:  1/25/2000  11:41 AM
Author:  greedypunk Number:  25975 of 132775

I'm confused as to how taxes will work for some options that I bought in the first half off 1999. In March, I got into options for gasoline since it was just so darn cheap. I didn't really know what I was getting in to, but I knew that prices would go up. Sure enough, I turned $6,000 into $9000 in three weeks. I became deliriously excited with what I had done (my first financial investment ever), I decided to get right back in and do the same thing again. However, prices stagnated for the next 2.5 months so that my options expired worthless. All $9,000 were gone.
That's where my question comes in. Since I gained $3000 on the initial $6000, but then lost all $9000 some months later, will I be taxed? I appreciate any help on this matter.

greedy(maybe that should be stupid)punk
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