In Lacerte, can you combine short term stock sales that have been reported to the IRS that includes a few wash sales?

Forum|Forum|6 years ago
February 7, 2020
6 replies
28 views

Can someone clarify? If all of the stock sales are short term and reported to the IRS but there are a few wash sales, can you can still combine all of the short term - covered sales (including wash) and attach the statement instead? Also would you have to manually adjust the gain/loss so that it does not include the wash sale losses?

ProSeries Basic

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Best answer by Accountant-Man

Thank you! Also, would you have to manually adjust the gain/loss so that it does not include the wash sale losses?

Enter the amount of the wash loss (as a positive) in the box called "Wash Loss Disallowed." That will automatically adjust the gain or loss to disallow the wash amount and put a "W" in the correct column of the 8949.

IE, if the sales price is $100 and the cost is $50, enter those. The gain will show as $50. Enter a $1 in the wash box and the gain will change to $51.

S

Skylane

Intuit Community Champion

You should be able to make summary transactions with any software and attach the brokerage statement 1099b

If at first you don’t succeed…..find a workaround

M

MjosephAuthor

Level 2

I understand that I can make summary transactions and attach the brokerage statement if need be. My question is am I allowed to summarize and attach the statement even if it includes a wash sale?

sjrcpa

Level 15

.Yes

The more I know the more I don’t know.

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