Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Well, Peter, thanks (I mean it) for such a complete explanation.

You haven't totally convinced me. And I do want to emphasize that we did keep track and did report the wash sale transaction ourselves accurately.

Although I get the point that the firms weren't required to track basis before 2011, and although reporting on the basis of that requirement may make it legally defensible or proper, I would never say it was "correct," certainly not from an accounting point of view. But this may be partly a semantic thing...and/or another example of a law having unintended side effects. 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?

But I do appreciate hearing from somebody who has an opinion I respect; I've read a lot of your messages over the years and know you have solid experience. In this case, you have helped me understand more where Wells Fargo is coming from. And I've certainly gotten the point that I should make sure my own records continue to be meticulous; and, to the extent that I can, I'll help my father-in-law do the same. :-)
Print the post  


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.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.