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Investors & landlords
You should see this accounted for on your tax return in TurboTax. TurboTax recognizes wash sale rules and applies them according to your download/import of your statement. What TurboTax will not know is whether all of the wash sales shown on your statement should apply.
In other words, the wash sale rules apply when you sell and repurchase within the 60 day window, however, if you later sell the entire blocks of stock that fell into wash sale rules then the cost basis is changed by adding the unallowed loss to the cost basis. This may require an adjustment to the basis manually on your part.
You can view your tax return before you file it by following the steps below.
- TurboTax CD/Download version: Click Forms in the top right when your return is open > On the left forms tree scroll to Form 8929 or worksheets to see the adjustment for the wash sales.
- TurboTax Online version: How do I preview my TurboTax Online return before filing?
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March 21, 2021
11:08 AM