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Wash sale reporting

DDOG
Level 2

on the sale of mutual funds that has a wash sales loss disallowed can you reduce the cost by the wash sale disallowed and report that cost basis on the form 8949 reporting exceptions transactions.  I have one wash sale of $3.00.

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Accepted Solutions
BobKamman
Level 15

Are you trying to avoid the 8949?  I have been known to keep it just on Schedule D by adjusting the cost basis so the result is correct, but I don't brag about it.  

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16 Comments 16

Are you looking for TurboTax support?

DDOG
Level 2

Pro Series Basic   Instead of listing evry transaction on 8949 I want to just decrease the cost basis by the amount of the disallowed wash sale and report totals only bypassing reporting individual transactions. 

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Skylane
Level 11
Level 11

Assuming the same or similar workflow as PS Pro.... 

summarize the transactions; code A - Code F and make an adjustment for the wash sale, then attach   8949 as a pdf to the e-file. 

If at first you don’t succeed…..find a workaround
BobKamman
Level 15

Are you trying to avoid the 8949?  I have been known to keep it just on Schedule D by adjusting the cost basis so the result is correct, but I don't brag about it.  

DDOG
Level 2

Yes that is exactly what I am trying to do. I like your answer.  Thanks for the response

Yet it states quite clearly in unambiguous terms right on the Schedule D you cannot do that.

BobKamman
Level 15

But it's not very clear about the penalty for disobeying.  

sjrcpa
Level 15

For $3, CAGMC.

The more I know, the more I don't know.

Okay, I have to ask.  I'm old and I don't know.  What is "CAGMC"?  I tried to do a search but all I could come up with is "Community Action for Greater Middlesex County".  I searched my Federal Tax Handbook and the Internal Revenue Manual but couldn't find it there either.  Is it an acronym for some new tax credit I'm not giving my clients?

IRonMaN
Level 15

Come And Get Me Copper.


Slava Ukraini!
BobKamman
Level 15

Certified Accountants Go Maximum Compliant

abctax55
Level 15

Oh, Chuck... RIP my friend

CAGMC was one of the favorite sayings  of our dear departed friend on this forum:

Chuck aka Archie.  Those of us that knew him still miss him; I can't see a Mazda Miata without thinking of him. 

HumanKind... Be Both
sjrcpa
Level 15

sjrcpa_0-1708354273698.png

 

The more I know, the more I don't know.
Skylane
Level 11
Level 11

Archie Leach won the battle of the client locking tool... (which I never use)... miss him

If at first you don’t succeed…..find a workaround
IRonMaN
Level 15

For those that are relatively new to the community, you can credit Chuck Warman for the saying.  Chuck was a cantankerous old coot that was one of the original AllStars and went by the stage name here as Archie Leach aka the grammar nazi.  Chuck was killed in a car accident in a little Miata that he had recently purchased ------------ a car he loved to drive.  It seems like we just lost him yesterday but it has been 7 years already.  This place lost a lot with his passing.  A lot of knowledge and a lot of humor.  I know I speak for the original AllStars when I say that we all miss him.  


Slava Ukraini!
BobKamman
Level 15