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I have recently sold some long term index puts to take advantage of the ridiculous premiums due to the VIX being at all time highs. The puts dont expire until different points in 2009.
Anyone know how I handle this for tax purposes? Lets say I sold some puts this week and brought in $10K in premium, but the option doesnt expire until Mar '09. Can I report the $10K as income this year and deduct it from my losses I took with my recent tax loss harvesting? Or do I have to wait until I close the trade out since I dont really know what my profit or loss is until then even though I received the money now?
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