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Level 1
posted May 25, 2020 2:08:05 AM

I got 1099B for NetGain of $1200 in Stocks due to wash sale, but my realized Gain is only $400. I have to pay more in taxes than my gain. Can I report the realized Gain?

Is there an option to use cost basis / realized gain instead of the wash sale adjustment (8949) ?

0 3 803
3 Replies
Level 13
May 25, 2020 6:36:19 AM

Brokers are required to track cost basis these days and that includes allocating wash sale losses to the replacement shares.  You enter the 1099-B information exactly as it reads and you'll get the correct answer. 

There is no legal way to adjust that 1099-B in your situation.

Level 15
May 25, 2020 6:36:57 AM

The law says you must make the wash sale adjustment and you must report the sale ... there is no other option. 

Level 1
Jun 6, 2020 12:12:30 PM

Thank you Tom