Investors & landlords

@cles325 

The simplest solution is to report all consolidated 1099-Bs exactly as reported by the broker(s).

IRS will be satisfied with this.

It is recommended (by me) to use the "I'll enter a summary" option.

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At tax time, you have the option to summarize your activity by Sales Category.

As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.

Category A and D are the covered transactions.


If you summarize (recommended),

you only need to supply details of 1099-B covered transactions with adjustments that are not listed on your e-Filed Form 8949. and all non-covered transactions not listed there.

 

in other words, for active investors, generally this is a list of the Wash Sales.


Note: turboTax may suppress some covered transactions without adjustments. For those, no mailing is required !
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If you have two pages (for example) of Wash Sales,
use Adobe Reader to print those two pages. That's all you have to mail to the IRS, given that those wash sales are not on your e-Filed form 8949 already.
(you might enter them manually if they are few in number.)

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Alternatively, if entry of Wash Sales is too tedious,
summarize and check the box for adjustments and enter the disallowed amount.
This summary for that broker will go on Schedule D Line 1b.
You will be making the mail-in election.

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