Yes. When you have a wash sale that overlaps tax years then the wash sale loss is not allowed. In this case it is added to the cost basis to be utilized on the final sale/disposition (without repurchase within the 60 day window) to figure gain or loss.
If you closed all wash sale stock by end of year (and did not repurchase) you would take the entire cost basis against the selling price of all shares involved in the wash sale.
Adjust/change your cost basis for the transactions that involve wash sales. Keep in mind that the broker knows when a wash sale occurs, and reports it. They may not know when a wash sale ends and this is why you must track these sales yourself.
- Sign into your TurboTax account > Search for 1099b > click on the Jump to ... Link > find the sales that you need to adjust the basis and make the change.
@vincus007
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
