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

[Mjoseph]

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?

[Skylane]

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

[Mjoseph]

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]

.Yes

[Mjoseph]

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

[Accountant-Man · Accepted solution]

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.

[Just-Lisa-Now-]

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@Accountant-Man wrote:

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.

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This was tagged as ProSeries Basic product, but the post says Lacerte, so Im not sure what program theyre actually using.