I am new to trading stocks in an investment account.
According to my 1099-B summary of stock market trading this year, I traded for (numbers are rounded for convince)
Proceeds: $73,500
Cost Basis:$70,300
Wash Sale Disallowed: $5,000
Realized Gain: $8,000
I just found out about wash sales are "disallowed"
My Questions are:
1.)What does this mean for my taxes?
2.)Roughly, how much should I expect to pay on my 8,000 of realized gains.
*Assume married, filing jointly with an income of 140k
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