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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Schedule D on Partnerships with wash sale items does not foot down to line 7 and 15.
Schedule D on Partnerships with wash sale items does not foot down to line 7 and 15.
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DJake
Level 1
03-16-2024
04:06 PM
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I have a partnership with a wash sale and accrued market discount and although it foots across correctly to column (h), it does not reflect the wash sale in the total on line 7 and 15. If I remove the accrued market discount, then it computes correctly. Anyone else ran into this? It appears to be a programming issue.
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Intuit_Kallana
Employee
03-17-2024
12:21 PM
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Hi, this is correct and not a software issue. When a wash sale is present that column will not totally correctly pursuant to the IRS instructions to our program. Short answer, it is due to the affects that the wash sale has on the item being reported.
DJake
Level 1
04-07-2024
01:49 PM
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My question then becomes why are the wash sales treated differently when there is a market discount present than when there is not a market discount on the same sale?
