GeorgeM777
Expert Alumni

Business & farm

You don't enter wash sale losses into TurboTax.  In contrast, you do enter realized gains and realized losses.  Losses from wash sales are disallowed and if, or when, you repurchase the stock that triggered the wash sale, that disallowed loss gets added back to your cost basis.

 

You need to track your wash sale losses so you know your adjusted cost basis.  In most cases, your brokerage firm will identify wash sales, and you will know the amount of the disallowed loss.  Keep your records in the event you need to adjust your cost basis in TurboTax when the wash sale losses are no longer disallowed.  In the event you repurchase the stock that triggered the wash sale and sell it for a gain, the wash sale rule no longer applies because the gain eliminates the previously disallowed loss.

 

@RDDS2 

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