08-31-2018, 10:45 AM
Totally agree with you on stock selection -- I'd only play with high-quality companies that I'd be happy to buy at the strike price.
And I'm tempted to agree with you about the taxes, but am hesitant. If I did this in a taxable brokerage account, are the premiums treated just like any other taxable income? Where line does it get reported on in your 1040? And will the brokerage send me a report at year-end, or do I have to reply on my own records?
I guess all of that should not feel daunting, but seems simpler to just do it in an IRA if I can then just ignore all of that and have the premiums just lumped in with the general "growth" of the account.
Thanks!
And I'm tempted to agree with you about the taxes, but am hesitant. If I did this in a taxable brokerage account, are the premiums treated just like any other taxable income? Where line does it get reported on in your 1040? And will the brokerage send me a report at year-end, or do I have to reply on my own records?
I guess all of that should not feel daunting, but seems simpler to just do it in an IRA if I can then just ignore all of that and have the premiums just lumped in with the general "growth" of the account.
Thanks!