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MonicaG
Level 4
February 26, 2021
Question

PA isn't recognizing the wash sale from new 2020 layout on Fed Sch. D and includes wash in loss/gain. Be aware.

  • February 26, 2021
  • 2 replies
  • 15 views

Please be aware that you will need to make the adjustment for wash sale on PA. With the new layout it is not pulling the correct figure and therefore will be an incorrect figure. When I get a chance I will call tech support. 

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2 replies

Accountant-Man
Accountant-Man
Level 13
February 26, 2021

As I answered a few weeks ago, PA never has:

Wash Sales

The federal wash sale provisions do not apply for Pennsylvania personal income tax purposes. For Pennsylvania purposes, every transaction is considered separate and independent of any subsequent transaction.

https://www.revenue.pa.gov/FormsandPublications/PAPersonalIncomeTaxGuide/Pages/Gains-Losses-Sale-Exchange-Disposition-Property.aspx#:~:text=or%20other%20consideration.-,Wash%20Sales,independent%20of%20any%20subsequent%20transaction.

** I am "Elevating with Intention!"
    MonicaGAuthor
    Level 4
    February 26, 2021

    Thank you!

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