profitable

The stock market was up on Wed and we shall hope that it will continue in that direction but there are still earnings coming out and not all of them can be as positive or awe-inspiring as IBM’s were.  I took a position in CAT and have puts and calls so I am okay with any change as long as there is a change.  On Thursday, with the market tanking a bit, I got in with a few more puts for CAT and bought some SCH and sold covered calls.   As long as there is movement in either direction on CAT, I can close out the other, opposite position and make some money.  I don’t expect to hold my CAT calls (cat calls?  like “boo and hiss”?) till expiration unless there is a clear direction down or up.  I suspect it will continue to be sideways with being up, up and then down, down.   The Block calls I will probably hold onto because it is tax season and Block will make money this quarter.  More as things develop if you are interested.

 

 

 

What else is new and interesting.  Ah, yes, the Form 1099B.  Brokers issue Form 1099-B in a composite annual report that also includes Form 1099-INT, Form 1099-DIV and the usual annual summary of a client’s account activity.  This year, the composite report that includes the Form 1099B is not required to be issued to recipients until Feb 17, 2009.  The new due date for these composite super reports is generally Feb 15 however with the 15th on a weekend and the date of Feb 16th being a legal holiday (modified Lincoln’s Birthday), the government is adjusting accordingly.  In prior years, reports were due January 31.  This deadline change is only for composite reports.  Any solo Form 1099-Bs still have to be in our hands January 31.  If you are a California filer that means you will be in warrant/30 day territory when you file and you may not get your refund for the 30 days plus that I talked about in previous blogs.  Ugh.

 

Hey, New Yorkers, I haven’t forgotten about you.  Effective January 1, 2009, there is no longer a temporary stay rule as an exception for determination of residency.  Anyone who spends more than 183 days in New York during a tax year is a resident if that person maintains a permanent abode in the state.  For this definition, a “permanent abode” is a dwelling place permanently maintained (for more than 11 months) by the taxpayer, his or her spouse and it can be either owned or leased.  A day counts as a day spent in New York if any part of the day is spent in the state.  So, if you train in from New Jersey, you’ve spent the day in New York.  The rule was changed to make everybody who lives in New York state pay their fair share of taxes.  I’ll bet that there will be a lot of surprised and possibly angry newly minted New York tax paying residents now.

Stay warm, watch your money and keep those comments and posts coming.

 

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Stock Market and Form 1099B Info

Tags: Business, Form 1099B, New York, residency, stock market

This entry was posted on Friday, January 23rd, 2009 at 12:09 am and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.