Question
Question for trading stock options: Why the proceeds in 1099B have negative value and at the same time it reported as gains on column [Gain or loss(-)]?
I sold call against X shares that I own. I got some credit then closed the call before the expiration date and had to pay premium to close it.
The premium was less than the credit I received, so I agree there are realized gains here but I don’t understand why the proceeds in 1099B are negative.
The proceeds should be either $0 or more than $0 because TurboTax counted this as LOSS instead of GAINS due to (-ve) proceeds and $0 cost basis.
Here is more details about these transactions:
1- XYZ 01/20/2023 CALL $13.00
On 09/09/22 I Sold 36 call options ->(Sell to Open) at $1.15 -> received $4,140 as credit
On 11/09/22 I bought back the 36 call options -> (Buy to Close) at $0.29 -> paid $1,044 as premium
Now the total gains are $4,140 credit - $1,044 premium = $3,096 as it shows in the 1099-B gains/loss column.
Why the proceeds here are -$5,183.82? shouldn’t be $3,095.82
The premium was less than the credit I received, so I agree there are realized gains here but I don’t understand why the proceeds in 1099B are negative.
The proceeds should be either $0 or more than $0 because TurboTax counted this as LOSS instead of GAINS due to (-ve) proceeds and $0 cost basis.
Here is more details about these transactions:
1- XYZ 01/20/2023 CALL $13.00
On 09/09/22 I Sold 36 call options ->(Sell to Open) at $1.15 -> received $4,140 as credit
On 11/09/22 I bought back the 36 call options -> (Buy to Close) at $0.29 -> paid $1,044 as premium
Now the total gains are $4,140 credit - $1,044 premium = $3,096 as it shows in the 1099-B gains/loss column.
Why the proceeds here are -$5,183.82? shouldn’t be $3,095.82
