vinod1 Posted December 17, 2012 Share Posted December 17, 2012 I have a few HP options with a strike price ($30) way above the current price and expiring in Jan 2013. I have put a market sell for the last 2 weeks on IB but it is not getting executed. I would sell it for $0 or even even a negative price if I can to take advantage of the tax loss but IB does not allow me put any number below $0.01 if I do a limit order. Does anyone know of a way to get rid of these options in a way I can claim tax loss? This is a minor amount so I can let it expire and take the tax loss for 2013 but just wanted to see if there is any other way. Thanks Vinod Link to comment Share on other sites More sharing options...
Mephistopheles Posted December 17, 2012 Share Posted December 17, 2012 I would say probably not, because you'll need a counterparty willing to pay transaction fees to take on the worthless option, and nobody is going to do that, because even if they pay $0, it'll cost them commission. This is my best guess, sorry. Link to comment Share on other sites More sharing options...
ShahKhezri Posted December 18, 2012 Share Posted December 18, 2012 I'm using my losses and closing out those positions in Jan 2013, they are worth more next year. Who knows, it might work out for you. A couple of years back I bought puts on a couple of reits, 18 months out, I had to let them expire, there was no market for them. Link to comment Share on other sites More sharing options...
ECCO Posted December 18, 2012 Share Posted December 18, 2012 I have a few HP options with a strike price ($30) way above the current price and expiring in Jan 2013. I have put a market sell for the last 2 weeks on IB but it is not getting executed. I would sell it for $0 or even even a negative price if I can to take advantage of the tax loss but IB does not allow me put any number below $0.01 if I do a limit order. Does anyone know of a way to get rid of these options in a way I can claim tax loss? This is a minor amount so I can let it expire and take the tax loss for 2013 but just wanted to see if there is any other way. Thanks Vinod Put a sell order at $0.01 and ask (pay) a friend to buy them. Link to comment Share on other sites More sharing options...
Liberty Posted December 18, 2012 Share Posted December 18, 2012 Put a sell order at $0.01 and ask (pay) a friend to buy them. Now that's out of the box! Link to comment Share on other sites More sharing options...
vinod1 Posted December 18, 2012 Author Share Posted December 18, 2012 I have a few HP options with a strike price ($30) way above the current price and expiring in Jan 2013. I have put a market sell for the last 2 weeks on IB but it is not getting executed. I would sell it for $0 or even even a negative price if I can to take advantage of the tax loss but IB does not allow me put any number below $0.01 if I do a limit order. Does anyone know of a way to get rid of these options in a way I can claim tax loss? This is a minor amount so I can let it expire and take the tax loss for 2013 but just wanted to see if there is any other way. Thanks Vinod Put a sell order at $0.01 and ask (pay) a friend to buy them. Thanks! I had that thought but not sure if that would go through. I have seen the options trade at $0.02 while mine is not getting executed. Vinod Link to comment Share on other sites More sharing options...
bargainman Posted December 18, 2012 Share Posted December 18, 2012 It may be worth asking the broker if they'll buy it off of you... see this article here: http://www.kiplinger.com/columns/ask/archive/2008/q1222.htm Link to comment Share on other sites More sharing options...
T-bone1 Posted December 18, 2012 Share Posted December 18, 2012 You may be able to ask your broker to make a "closet" trade and buy them for $0.01 and charge a $0.01 commission. Maybe they will and maybe they won't, but it's worth asking Link to comment Share on other sites More sharing options...
value-is-what-you-get Posted December 18, 2012 Share Posted December 18, 2012 Put a sell order at $0.01 and ask (pay) a friend to buy them. Now that's out of the box! The risk is a raft of others also looking to sell at a penny may end up in your friends account and you still have yours too! Link to comment Share on other sites More sharing options...
vinod1 Posted December 18, 2012 Author Share Posted December 18, 2012 Thanks! I would contact the broker. Vinod Link to comment Share on other sites More sharing options...
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