Wash Sale Losses - Can I used the summary to report Capital Gains and Losses if the 1099-B shows some disallowed wash sale losses. The instructions seem unclear on how to make the entries.

Forum|Forum|3 years ago
March 19, 2023
11 replies
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ProSeries Professional

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Best answer by Just-Lisa-Now-

I just make a summarized entry that includes the wash sales in the proper box

itonewbie

Level 15

That's what I do and attach the details.

---------------------------------------------------------------------------------Still an AllStar

L

linduca1216

Level 6

Typically I have entered the wash sales separately but this time for long-term transactions, I about collapsed when I saw how many there were. Am thinking I will do a one-line entry on the worksheet and attach the reporting statement to the return. The adjustment amounts are ridiculous.... .08,.04,.28, etc. Will I go to IRS jail?

BobKamman

Level 15

I just subtract the wash amount from the cost basis. I suspect IRS is just looking to make sure the gross proceeds reported by the broker match the amount shown on the return. If they are matching the cost also, why would they send a notice if the amount is less? Well, if I'm wrong, see you in jail.

N

Norman2001

Level 6

I report all of the sales, except for the wash sales, in the summary. Then I enter the wash sales separately on the 1099-B worksheet.

Just-Lisa-Now-

Answer

Intuit Community Champion

I just make a summarized entry that includes the wash sales in the proper box

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Just-Lisa-Now-

Intuit Community Champion

oh that was last year, Ive gotten lazier, if its a covered sale I just reduce the basis by the wash and plunk it in the Covered boxes at the top of the screen.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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