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How to enter the wash sale disallowed loss in Turbo Tax if I have no more stock on hand

I have around $30K disallowed loss from wash sales around August 2019 form day trading. However, I sold all my stocks on September after I decided I am not good at it. From what I heard is that, the disallowed losses were blended into my new stock basis. However, I did not think the form 1099-B factored in the $30 disallowed loss. 

 

Would someone tell me how to claim the $30K losses (I understood the 3K cap, but I want to carry the 30K to the next year to offset Capital Gain in the future)?

 

Should I do an adjustment as put as O2 to add 30K on the same row to zero out the disallowed loss since I have NO STOCKS by the end of December and from what I know is that I should be able to release the disallowed loss if I sold all my stocks that have disallowed loss.

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3 Replies

How to enter the wash sale disallowed loss in Turbo Tax if I have no more stock on hand

In your situation brokers are required to accurately track your basis as all the stocks purchased and sold.  This involves keeping track of wash sale losses and assigning those loses to the replacement stock.   Accordingly, entering the 1099-B exactly as it reads should be all that you need to do to properly report your trades.

 

If you're in doubt about the accuracy of the resulting gain or loss associated with the 1099-B there's an easy test, given that you quit trading in September: Add up all your sales, add up all your purchases, completely ignore any wash sale activity.  Subtract your total purchases from your total sales and that gain or loss should be what's reported.

ake789
Returning Member

How to enter the wash sale disallowed loss in Turbo Tax if I have no more stock on hand

You did not answer my question. I have been very unhappy and frustrated with the Service Turbo Tax 

has supplied me with sofar in preparing my 2019 Tax return , and I have used your services for the past 7 or 8 years!!

 

 

 

 

How to enter the wash sale disallowed loss in Turbo Tax if I have no more stock on hand

@ake789 

First, I didn't answer your question since you didn't ask one.  I answered alexkwan221's question.

Second, I'm not "TurboTax" I'm just another user, like you.

Third, you've tagged on to someone else's question without providing any details about your question.  It's impossible to know if your question is even remotely related to the OP's question.  Ask your own question.

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