Option puts and calls Sch D (1120S)

[David]

This is my first Sch D for an S Corp. In addition to normal stock sales the client also has option puts and calls. How is this filled in on the 1120S Sch D? The transaction type doesn't have as many listings as the 1040 Sch D and there is no transaction type listing puts, calls or expired options.

BTW which transaction type should be used for normal stock sales and which transaction type should be for puts and calls?

Thanks for your help.

[kcjenkins]

The tax book has a good table on the tax treatment of puts and calls. They are not included on 1099-B but can impact the gross receipts of a sale reported on the 1099B. I do show them on the Schedule D even if they’re not on the 1099 & I record them as a wash until the buy or the sell is completed. I record each completed option trade as a single trade and do a running schedule of gains and losses and report on Schedule D almost always as short term. Only LEAPS options could be long term in nature.