if you buy and sell the same stock within the tax year, some of the tansaction resulted in lose and some resulted in gain.
Is it possible just to add all the buy transaction together (= cost) and all the sell transaction and report the gain/lose in one line instead of line by line detailes.
Remember that since all the buy and sell activity is within the same tax year then all are treated as short term.
if report line by line then I have to go through wash sale caculation . The results is the same. is it?
I call The IRS and the lady told me to follow the rull as it written and do not mess with the IRS.
2007-04-05 08:52:46 · 4 answers · asked by tea_bread2006 2 in Business & Finance ➔ Taxes ➔ United States
You can add them together in some cases but others it will cause problems. Remember that the IRS is trying to tie your stock sales proceeds to the 1099 they receive. You want to make that easy for them.
2007-04-05 09:23:29 · answer #1 · answered by Nusha 5 · 0⤊ 0⤋
Enter each sale individually, like the IRS lady said, and stop buying and selling the stock. That is a sure way to lose money.
2007-04-05 09:27:52 · answer #2 · answered by r_kav 4 · 0⤊ 0⤋
It has to do with remaining out your place at a loss and then reopening it interior of 30 days in the previous or after. the 1st purchase of one hundred shares could be a $40 loss, the 2nd purchase could be a $60 earnings. The earnings is beside the point, it incredibly is in simple terms an argument on the loss. If she offered something as much as one hundred shares on or in the previous Jan. 31 (interior of 30 days of the acquisition that grow to be bought for a loss), then the wash sale regulations could prepare on those shares. to illustrate, if on Jan.31 she offered one hundred shares for $4 ($4 hundred finished), the $40 loss can't be claimed - it is going into the fee foundation of the repurchase. So the fee foundation for the repurchase could be $3.60/share or $360 finished. All of this could be beside the point if the repurchased shares are bought through the tip of the three hundred and sixty 5 days. it may basically count if she held the shares into the subsequent 3 hundred and sixty 5 days, then the loss can't be taken and ought to be deferred.
2016-12-08 19:18:51 · answer #3 · answered by kobayashi 4 · 0⤊ 0⤋
Each sale must be reported on a separate line. If a sale was selling what you bought in five different purchases, you'd report it on one line, with "various" in the column for date purchased, and the total basis.
The result might or might not be different that adding everything together, with regard to wash sales.
2007-04-05 16:05:54 · answer #4 · answered by Judy 7 · 1⤊ 0⤋