Does turnbotax take care of single stock traded in multiple broker account and takes care of wash sell properly? 1099-B from broker will not be able to do this.

Forum|Forum|6 years ago
September 29, 2019
8 replies
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TurboTax Deluxe Online

Critter

Level 15

If you have multiple broker accounts and you do a wash sale then you will need to make the adjustment manually.

ssinn0080

Level 2

How is this adjustment made manually?

The 1099 was uploaded to TT. Do you adjust the values that came from the 1099? Would the IRS understand what the changes were for?

Anonymous

also be aware that if you have retirement accounts, sell stock at loss in taxable account, the replace them within the wash sale period in a retirement account. that too, would result in a wash sale.

not only won't TT catch multiple account wash sales, I know of no software that can do this

atawariAuthor

Level 2

Wow! This might become the first nightmare of my life. What is unbelievable is that there exists none such software! How about tradelog (https://www.tradelogsoftware.com/)? Can this help?

TomYoung

Alumni - Champ

"What is unbelievable is that there exists none such software! How about tradelog (https://www.tradelogsoftware.com/)? Can this help?"

Apparently that software does exist. TradeLog says they can handle this situation perfectly; that seems to be their Raison d'être as they emphasize wash sales repeatedly throughout their site. They offer a free trial so perhaps you can test it out and report back.

To a large extent the "nightmare" aspect of wash sales depends heavily on your volume and pattern of trading. If you're day trading in more than one brokerage account and trading the same stocks across all the accounts then reconciling the activity can be difficult. But if you're talking about a handful of trades across accounts you should be easily able to handle that.