Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121427  
Subject: Re: Another wash sale issue with Turbo Tax Date: 4/2/2008 3:16 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
6/2005 Bought 6000 shares of XYZ stock for 1.50
2/15/2007 Accidentally sold 4000 shares instead of buying another 4000
2/15/2007 Immediately bought back 8000 shares and have held them all

In answering the Wash Sale questions, I think I did it right because Turbo Tax is showing a Wash Sale Loss of $2800 on my Gains/Loss Summary Page. On my Schedule D, however, the $2800 is just showing up as a long-term loss.


It's definitely a wash sale. Your Schedule D should show the -$2,800 on one line and "Wash sale" with a $2,800 gain on the next. I don't know what the Summary page is. It's evidently a TT form.

What did TT support tell you?

This seems so basic that I have you assume you've somehow confused TT. Right-click the line on Schedule D to see what's feeding it, and make sure everything there is correct.

Phil
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Saul's Investing Discussions

Why Did I Buy a Bunch of PFIE Today?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement