After entering (downloading) the data into Turbotax, the "realized gain" is still the $9000 figure I mentioned. The 'wash sales disallowed' is obviously coming into play. Despite the fact that I repeatedly bought and sold these ETFs, and had no holdings as of Dec 31,2011, I must be the victim of a new accounting method for cost basis. According to Schwab the default is first in, first out (FIFO). I really have no idea what the implications of this are! I thought, as Tom suggested, that with buying and selling these shares, the wash sale rule would eventually 'cancel out', and my realized gain would be my real gain.
Am I missing something here? Should I just stop being a 'trader', because it looks like I'm going to have to pay a hell of a lot of taxes!
Still seeking help....
