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.
Best Answer Click here
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.
Are you looking for TurboTax support?
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.
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.
Yet it states quite clearly in unambiguous terms right on the Schedule D you cannot do that.
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?
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.
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.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.