Protective put $AMZN: 
Stock $2640 buy July 2610 put for $80. Stock continues to rally, you take loss on that put. 
Stock falls to 2400 &amp; put goes up in value by $210 (2610 - 2400). You owe $105 tax on that $210 gain vs paying $400 tax on your $800 gain.  @BG71067404 @jonnajarian https://t.co/KAtucNPYwo