There will be time involved however, you mentioned an excel file which would make it easy to summarize regular sales into long or short term, then a similar section for wash sales.
This could be the easiest way that would use the least amount of time if import is not working. For your convenience I will provide the wash sale rules as to when they are actually complete. You need to continue to track the stock basis for these and the excel could be invaluable for this.
Wash sales can be combined into section totals. You must track your cost basis and know when you are allowed to use the information on a final sale.
Wash Sale Rule Defined:
- A wash sale occurs when an investor sells or trades a security at a loss, and within 30 days before or after, buys another one that is substantially similar.
- It also happens if the individual sells the security at a loss, and their spouse or a company they control buys a substantially similar security within 30 days.
- The wash-sale rule prevents taxpayers from deducting a capital loss on the sale against the capital gain.
Affect on Cost Basis:
- The loss that occurs on a wash sale is added to the cost basis of the shares purchased that created the wash sale.
- When all shares are sold and there is no repurchase, that increased cost basis will be used in full and used to determine gain or loss.
As long as you are tracking the wash sales and are not using them on the tax return when you are not allowed, then you can simply enter the same cost basis as the selling price. This will reconcile your tax return with your Form 1099-B Proceeds which is what the IRS is comparing.
Be sure to keep good records so that you know when to add those losses for future sales.
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