Although I use the same broker (Schwab), I acquired stocks in a different account from that the one where I sold stocks in which qualifies as a wash sale - and Schwab didn't automatically increase the cost basis of the acquired stocks (or even record that it was a wash sale).
I'm reading online that I need to record the increase in cost basis for the acquired stock - but how do I do this in Turbotax? Or is this something to be managed in my next tax returns rather than the current (2018) one?
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You need to report the wash sale loss in your 2018 income tax return. You don't report the basis increase for the replacement stock in your income tax return until you actually sell the stock.
Tom Young
You need to report the wash sale loss in your 2018 income tax return. You don't report the basis increase for the replacement stock in your income tax return until you actually sell the stock.
Tom Young
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