Phil, back when I was preparing taxes, I had a client for several years, who had very active brokerage accounts through large bank, which shall remain anonymous, which, by the way, charged him excessive sums to hold his money. When I studied his brokerage statements (not retirement accounts), I noticed a LOT of wash sales. Once I prepared his taxes, I sat down with him and his wife and advised them that the brokerage appeared to be churning his account. Granted, the broker did not receive commissions, but it was costing him money, money, money. I did advise him to talk with his broker and lay down the law.He did. No more did I find wash sales, but was very disturbed at how much he paid per month for this service (ranged from $800 to $1000) per month, and I further advised him to look into either Fidelity or Vanguard, who would not spend his hard-earned money so frivolously.Since I no longer prepare taxes for others (it takes too long for me to prepare mine), I sent him to my corporate CPA, and he has been very satisfied. He also changed brokerages.Donna
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