Search results

Right because the average person will understand that entire tax form. If you know about form 550 then why not chime in and assist in how wash sales can be eliminated in the most simplest way because as you can see following the rules of selling off a stock prior to the new year and not trading...

No matter how many calls you make to the brokerage houses and ask multiple times you will receive the same exact information that they cannot give you any advice since they are not tax professionals and they do not offer any help in deciding how to get rid of a wash sales. Trust me I have spent...

I sold my original position months ago, well before the drop and bought back in on March 30th and again last week, cost average on these shares is now $15.15.

That's definitely the reason you had wash sales. I waited well past January to trade my stocks again and still had wash sales.

The basics of the rule is quite understandable yes. It's just when i receive a 1099 and I'm showing disallowed losses on 2 positions I sold specifically to eliminate my disallowed losses and see disallowed losses I tend to keep questioning why this has occurred.

Working Around the Wash Sale Rule There are a couple of acceptable workarounds that could help you maintain all or part of your deduction while purchasing substantially identical securities. The first is that a partial deduction can be taken if more stock is sold then repurchased within the 61...

Very good question, but I wouldn't have any idea because these rules they set in place are made to be confusing and impossible to find a direct answer to.

Exactly... and that's one of the #1 answers within the searches I did related to wash sales and how to avoid them....

Here is more advice from am article..... If you own an individual stock that experienced a loss, you can avoid a wash sale by making an additional purchase of the stock and then waiting 31 days to sell those shares that have a loss. But what if you already obtained a wash sale and have...

Every article I read has zero to no advice on how to eliminate wash sales. The only advice once again is that don't trade the stock for 30 days, that or buy a completely different equity.

I haven't a clue. I have asked the representatives and they won't say anything. They only tell you that they don't offer tax advice!!! And according to the forums I have read, they claim that wash sales aren't an issue and not to worry about them as long as you sell off the position and don't...

Those that make maybe 37 trades you can say that to but when you are trading hundreds and thousands of times a year its basically impossible!! There is no way possible you can figure that out on your own. I know someone who traded over $10 million worth of stock in 2021, do you think they could...

OK that makes sense yea, but in my case I sold off positions in mid and late December and DID NOT trade them at all until February and still had disallowed losses on both trades!

Sorry I see you mentioned 1099-B So how does one access a 1099-B I have asked for trading reports 3 times a month usually and have compared them to my 1099 and let me tell you, they were completely off, I asked the representatives and they cannot answer my questions on if the reports they...

Again this is absolutely true but what you fail to understand is that bu the time Mr turbo tax figures out where your wash sales are and how much worth of disallowed losses you had it's too late to make changes, the best time to see where you are with wash sales is well before February or April...

That is true but the problem is this: By the time you are able to see everything on turbo tax it's too late to make any changes since the new year has begun and anything on the 1099 cannot he changed. So why don't brokers have a system in place to show you your year to date wash sales. You...

Haaaaa. That's what everyone says. They haven't a clue either. I have asked numerous accountants and they answer just sell the stock and don't buy it back for 30 days.

Thank you. Thank you Thank you. This is why this needs to be addressed very very very loudly. Glad you brought this back up. I too sold out of 2 trades where I thought my disallowed losses wouldn't show and like magic they were there, and trying to find an answer is literally impossible. No...

I am assuming yes and the sell puts I take are at levels where if I had to buy it back the markets would have to take a damn nice drop of 10% or even more to do so, not only that I'm short this current etf in my other account so there would be profits on that end where I would cover the short...

So when does the $1000 reflect in the actual equity balance? After it expires?