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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Wells Fargo 1099 & Wash Sale Date: 5/18/2012 12:54 PM
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It does seem odd--and surely not the intent-- that the law would be "requiring" firms to produce 1099s that, indulge me here, are "inaccurate" in the sense that they will disagree with the way you, as a CPA, would report on that same transaction. What after all is the purpose of a 1099?

I do agree with you - what is required to be reported on a 1099 is not the same as what is required to be on your 1040. And as you point out, that is not the fault of any brokerage - it's the fault of the legislation.

To me it looks like more of a transition issue. Any item that requires basis reporting where the basis is affected by a transaction BEFORE basis reporting was required will be incomplete on the 1099. As time passes (and assuming the law doesn't change), there will be fewer and fewer of transactions with the issue you ran into.

--Peter
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