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Dec 30th, 2023
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 Schedule D wash sales
#13423727
02/02/20 12:29 AM
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Joined: Apr 2004
Posts: 14,082
Stump jumper
OP
TFF Guru
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OP
TFF Guru
Joined: Apr 2004
Posts: 14,082 |
Doing my taxes. I have probably 30 stock trades not including wash sales. I see no need to enter the wash sales. Process of entering the ones with reported gains or losses takes long enough.
2200 Bay Champ/200 Mercury Optimax
2017 Tundra TSS 4x4 Crewmax 5.7L
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Re: Schedule D wash sales
[Re: Stump jumper]
#13423735
02/02/20 12:36 AM
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Joined: Sep 2008
Posts: 121,172
hopalong
Pescador Loco
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Pescador Loco
Joined: Sep 2008
Posts: 121,172 |
did you ask dereks permission?
he is in charge of the tax dept. now.
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Re: Schedule D wash sales
[Re: hopalong]
#13423817
02/02/20 01:44 AM
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Joined: Apr 2004
Posts: 14,082
Stump jumper
OP
TFF Guru
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OP
TFF Guru
Joined: Apr 2004
Posts: 14,082 |
did you ask dereks permission?
he is in charge of the tax dept. now. Nope
2200 Bay Champ/200 Mercury Optimax
2017 Tundra TSS 4x4 Crewmax 5.7L
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Re: Schedule D wash sales
[Re: Stump jumper]
#13423825
02/02/20 01:51 AM
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Joined: May 2002
Posts: 5,731
JCG57
TFF Celebrity
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TFF Celebrity
Joined: May 2002
Posts: 5,731 |
Can't you just upload all the trades from your broker's site into your tax software then edit as needed to eliminate the wash sales?
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Re: Schedule D wash sales
[Re: JCG57]
#13423834
02/02/20 01:56 AM
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Joined: Dec 2011
Posts: 8,966
H.Town_paddler
TFF Celebrity
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TFF Celebrity
Joined: Dec 2011
Posts: 8,966 |
Can't you just upload all the trades from your broker's site into your tax software then edit as needed to eliminate the wash sales? Yeah I do this and itโs really easy. It asks me for my TD Ameritrade account info and uploads everything automatically.
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Re: Schedule D wash sales
[Re: Stump jumper]
#13423860
02/02/20 02:21 AM
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Joined: Dec 2006
Posts: 2,283
Snakeyes711
Extreme Angler
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Extreme Angler
Joined: Dec 2006
Posts: 2,283 |
If you've been flagged as a PDT by the IRS they might want to take a look at those wash sales,even if nothing comes of it.
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Re: Schedule D wash sales
[Re: Stump jumper]
#13424542
02/02/20 09:25 PM
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Joined: Sep 2005
Posts: 27,568
Uncle Zeek
aka "Dad"
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aka "Dad"
Joined: Sep 2005
Posts: 27,568 |
Doing my taxes. I have probably 30 stock trades not including wash sales. I see no need to enter the wash sales. Process of entering the ones with reported gains or losses takes long enough. If the IRS compares your reported trades to those reported on a 1099, you get to have a fun conversation with them. It's often time-consuming and more wasteful than just filling the forms out now.
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein
Artim Law Firm, PLLC
Estate planning & tax attorney
2250 Morriss Road, Suite 205, Flower Mound, Texas 75028
972-746-0758 mobile
zac@artimlegal.com
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Re: Schedule D wash sales
[Re: Uncle Zeek]
#13425481
02/03/20 06:22 PM
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Joined: Apr 2004
Posts: 14,082
Stump jumper
OP
TFF Guru
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OP
TFF Guru
Joined: Apr 2004
Posts: 14,082 |
Doing my taxes. I have probably 30 stock trades not including wash sales. I see no need to enter the wash sales. Process of entering the ones with reported gains or losses takes long enough. If the IRS compares your reported trades to those reported on a 1099, you get to have a fun conversation with them. It's often time-consuming and more wasteful than just filling the forms out now. I don't think they have enough staff these days to do more then check the totals for short term and long term gains.
2200 Bay Champ/200 Mercury Optimax
2017 Tundra TSS 4x4 Crewmax 5.7L
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Re: Schedule D wash sales
[Re: Stump jumper]
#13425570
02/03/20 07:41 PM
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Joined: Apr 2004
Posts: 14,082
Stump jumper
OP
TFF Guru
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OP
TFF Guru
Joined: Apr 2004
Posts: 14,082 |
I believe that all of my transactions are reported to the IRS on 1099-B so I can summarize short term and long term gains/losses.
2200 Bay Champ/200 Mercury Optimax
2017 Tundra TSS 4x4 Crewmax 5.7L
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Re: Schedule D wash sales
[Re: Stump jumper]
#13425575
02/03/20 07:44 PM
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Joined: Sep 2005
Posts: 27,568
Uncle Zeek
aka "Dad"
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aka "Dad"
Joined: Sep 2005
Posts: 27,568 |
Doing my taxes. I have probably 30 stock trades not including wash sales. I see no need to enter the wash sales. Process of entering the ones with reported gains or losses takes long enough. If the IRS compares your reported trades to those reported on a 1099, you get to have a fun conversation with them. It's often time-consuming and more wasteful than just filling the forms out now. I don't think they have enough staff these days to do more then check the totals for short term and long term gains. 1099 matching is automated. A computer, rather than a person, sends the discrepancy notice to you most times.
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein
Artim Law Firm, PLLC
Estate planning & tax attorney
2250 Morriss Road, Suite 205, Flower Mound, Texas 75028
972-746-0758 mobile
zac@artimlegal.com
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Re: Schedule D wash sales
[Re: Stump jumper]
#13425602
02/03/20 08:03 PM
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Joined: May 2002
Posts: 82,634
Bob Davis
Bunkeroid Bob
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Bunkeroid Bob
Joined: May 2002
Posts: 82,634 |
Doing my taxes. I have probably 30 stock trades not including wash sales. I see no need to enter the wash sales. Process of entering the ones with reported gains or losses takes long enough. If the IRS compares your reported trades to those reported on a 1099, you get to have a fun conversation with them. It's often time-consuming and more wasteful than just filling the forms out now. I don't think they have enough staff these days to do more then check the totals for short term and long term gains. Perhaps so, but I would not bank on that. Never roll the dice with the IRS.
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