Does Turbotax automatically handle balancing short term losses and gains between different brokers?

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@hiddenpower wrote:

I'm doing some tax loss harvesting between accounts and this is my first time with multiple brokers so I was wondering if it would be handled automatically?

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TurboTax will handle this scenario automatically in the sense that the program will use capital losses to offset capital gains, the fact that tax reporting statements are entered from different brokers notwithstanding.

However, the program will not automatically handle wash sales between different brokers; you need to track wash sales that may occur as a result of having more than one brokerage account yourself.

Thanks! That's what I figured, my intent is to consolidate accounts to just keep it simple!

You also have to watch the holding period. in the case of a wash sale the holding period of the wash sale shares tacks on to the holding period of the replacement shares so you can end up with a long-term transaction rather than a short-term one.

I don't think the holding period tacks on to replacement asset at all. You're buying a non-similar equity to do the tax loss harvesting on