I wasn't looking to do anything crazy like that but simply place a long call on a stock. A few hundred dollars for the premium. Couldn't lose more than that so I'm not sure why that's not allowed?
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RJO does in the futures. They make margin calls.
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That's it. The world is coming to an end. We actually agree on something.
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The investor has some assets up as collateral such as a home or property. No one is going to let Average Joe get short and take a $500,000 loss with no ability to cover the margin call.
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You were just looking to buy a call? You normally have to file additional paperwork and show you are a sophisticated investor. Then they have to approve you.

If you own a stock and you want to write a covered call option against it, you usually need a margin account. Your position is protected as if your option was executed and called, you have the stock to hand over.
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Yeah. Maybe since mine are hedges they figure I have the physical grain to cover the position but my account doesn't have any physical collateralization on it.

Speaking of which, I just got my margin call. Yay!!
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I'm wondering what everyone thinks about buying Macy's at this price of around $22. It is yielding nearly 7% !!!

I know all about the Amazon effect but I gotta assume at least some of the better retailers will survive.

I think you guys who bought in on "X" in the $20-21 will be happy in another year.
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So off topic a bit but I had a pretty good weekend in vegas this past weekend and made out with some cash. How do taxes in that work?
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How much cash. At some point, the casino reports those winnings and will have to be listed as additional income. I don't believe the casino taxes the money but they report it, I assume. I've never worried about it but I've never won what I would consider large sums.
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I took 2 grand in cash and walked out with 14 g.
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Yeah, casino winnings aren't subject to withholding/deduction, generally, but you're supposed to report winnings. I don't know at what point the casino's themselves file a 1099 or whatever with the IRS.

However, you can offset winnings by losses within the same year, though obviously it would be best if you had some records around this to show the losses. You can't take more in losses than you had in winnings, AND your losses can only be taken if you itemize deductions I believe, so if you're taking the standard deduction, oh well.

As always, the advice on here is worth precisely what you paid for it. :-)
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Did the casino request your social security number at any point, or do they already have it because you have some kind of account with them?
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They already have it
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Yeah, imagine they will send you a 1099-[whatever letter it is for gaming winnings].

You should definitely keep track of gaming losses in 2017 now, if you haven't been already, as losses can be used to offset winnings.
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Personally, I wouldn't claim it. If they catch you, meh about the penalty. It's free money regardless. It's another gamble but you won't lose much. Drug dealers lose more though laundering.

Let it ride!
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