A few questions:
Tomorrow, If I were to repurchase the stocks that were involved in wash sale, hold them for 31 days, and sell them, would be able to recover from all the wash sale?
I think you are confused. if there is a wash sale then you sold a security at a loss and purchased identical securities 30 days before or after the date of the wash sale. so purchasing more shares and then selling them will do nothing to free up the wash sale loss that's included in the tax basis of the purchase that caused the wash sale. you have to sell the lot that reflects the wash sale loss. if you sell at a gain the wash sale is released. if you sell this at a loss then buy more identical securities 30 days before or after this sale you have a continuing wash sale. the loss on this sale gets added to the tax basis which already includes the loss from the first wash sale.
How many units of stocks do I need to purchase for each ticker? Does it need to be the same as the number of stocks that were involved in the wash sale?
again you are confused. a new purchase does nothing to free up the wash sale loss. you need to sell the shares with the wash sales loss. as sate d above if you now have a gain the wash sale losss is released. if you sell at a loss (example: actual purchase cost $50. assume this purchase caused a wash sale loss of $30. now the tax basis is $80. if you sell these shares at $85 you have a $5 gain because the wash sale increased the tax basis. if you sell these shares at $75 you have a $5 loss. if you buy more shares within 30 days before or after this sale you created another wash sale. this $5 loss gets added to the previous $80 tax basis so now you have a tax basis of $85)
For the positions that I have closed, the last sale is still wash sale for some of the stocks. Are these special cases that need to be handled in a certain way?
are you sure? sales don't produce wash sales. only repurchasing within the specified time limit shares sold at a loss cause a wash sale. do you want to provide full details of buys/sells of just 1 security? that 30 period can extend into the following year. sell at a loss on 12/27/2019. buy identical security on 1/24/2020 and you have a wash sale.
