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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) ?
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3 Replies

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?

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.

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?

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

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?

Thank you Tom

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