Investors & landlords

To put it into a number perspective.

 

Say you have 1,000 transactions of different stock sales (which are wash sales which means you must list out the sales instead of summarizing).

 

Every stock sold for 10.50 and the basis was 5.45, thus the 1099-B showed a net capital gain (assume short term) of $5,050.

 

Under the current turbotax calculation, every stock proceed would be rounded up to $11 and the basis would be rounded down to $5.  Turbotax would then force the calculation as a net gain of $6,000.

 

Paying tax on an extra $950 in this scenario is not the maximum refund guaranteed that most would expect from turbotax....