does the IRS afterwards determine which sales were wash sales and which were not?
I'm confused since the schedule doesn't have any place for indicating which are wash sales>
Thanks in advance.
2007-12-19 23:50:10 · 4 answers · asked by GYJ-Dude 1 in Business & Finance ➔ Taxes ➔ United States
You are responsible for recording what sales were wash sales. The IRS will not do it for you.
If within 30 days before or after the disposition of a security that you sell for a loss, you purchase the same security, you can not claim the loss. If this occurs, then you enter the loss in line 1 or 8 and then on the next line you enter "wash sale" in section (a) and enter as a positive amount is section (f) the amount of the sale that is not allowed.
2007-12-20 01:14:23 · answer #1 · answered by Griffin 4 · 2⤊ 0⤋
Tax software will recognize wash sales (from the dates of purchase and sale, and the loss) and deal with them properly. It would be worth the small investment to get such a package this year.
2007-12-20 01:35:25 · answer #2 · answered by ninasgramma 7 · 1⤊ 1⤋
There is no way in indicate a wash sale on the D.
Increase the "basis" to the break-even point. Your gain or loss will be $0.00 and the gross proceeds on the 1099B will still tie out.
2007-12-20 00:57:06 · answer #3 · answered by Wayne Z 7 · 1⤊ 1⤋
revenues cost is what you bought for. fee or different foundation is what you acquire for, maximum possibly with commissions lined. many times "revenues cost" on your fact already has commissions taken out - if it does not, then subtract the commissions from the revenues cost to get the extensive form on your time table D.
2016-12-18 05:27:49 · answer #4 · answered by ? 4 · 0⤊ 0⤋