3117882
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

vch33
New Member

Wrong wash sale loss reported?

Hi everyone! I am trying to read my 1099 from Robinhood and understand wash sale rules. Got quite confused by the wash sale loss disallowed calculation -- here's an example: 

 

I traded options of ENPH in July/Aug 2022, and I fully understand that there's a wash sale loss of $1614.06.

 

Question 1: if I didn't trade any ENPH option/stock for the rest of the year, shouldn't the wash sale loss be treated as realized loss too? However, I am seeing the $1614.06 loss being added to the total wash sale loss disallowed.

Screen Shot 2023-12-19 at 5.09.08 PM.pngScreen Shot 2023-12-19 at 5.09.22 PM.png

 

Question 2: For a stock A, are its options with different expiration dates & strike prices supposed to be calculated together? In my 1099 I am seeing them aggregated separately as well as the wash sale loss calculation. What should I do to properly prepare my tax return for this? 

 

Thank you so much for any insights or help!

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

Wrong wash sale loss reported?

What was the actual cost of the Put No. 1 of 7 bought 7/15/22 that expired?

Was it $313 ?
If so, No.1 of 7 has your disallowed basis adjustment that you are looking for, as it should..

 

@vch33 

vch33
New Member

Wrong wash sale loss reported?

Hey @fanfare ! It was $850 based on my order history. I am not sure why it's $1927.04 in the form but it seems like: $1927.04 (current cost basis) = $850 (cost of the PUT) + $1077.04 (wash sale loss from the one bought on 07/14) 

Wrong wash sale loss reported?

OK that leaves #537.02 to be accounted for .

look for another basis that is not the actual amount paid.

 

The way the transactions are reported is extremely confusing  !

 

 

@vch33 

vch33
New Member

Wrong wash sale loss reported?

I figured! Costs & credits from my order history add up, the cost basis of the one bought on 07/14 was adjusted, the cost was $900, (900+537.02)=1,437.02, 537.02 was from wash sale loss!

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question