2006 Federal Tax Return Schedual D, complicated, multiple wash sales: is there a tax program that can help?
Answer:
There is a tax office that can help. irs.gov
.Most important is to have your broker and/or you know the basis for each share when purchased.
Wash Sales
A wash sale occurs when you sell or otherwise dispose of stock or securities (including a contract or option to acquire or sell stock or securities) at a loss and, within 30 days before or after the sale or disposition, you:
Buy substantially identical stock or securities,
Acquire substantially identical stock or securities in a fully taxable trade, or
Enter into a contract or option to acquire substantially identical stock or securities.
You cannot deduct losses from wash sales unless the loss was incurred in the ordinary course of your business as a dealer in stock or securities. The basis of the substantially identical property (or contract or option to acquire such property) is its cost increased by the disallowed loss. For more details on wash sales, see Pub. 550.
Report a wash sale transaction on line 1 or 8. Enter the full amount of the (loss) in column (f). Directly below the line on which you reported the loss, enter “Wash Sale” in column (a), and enter as a positive amount in column (f) the amount of the loss not allowed.
Turbo Tax can probably do it. As part of the program, Turbo Tax also offers the service to have a tax professional review your return. I think it's $25 to have that done, and the software is about $40. Turbo Tax can get the job done, but I don't know what your level of expertise is doing taxes. Would you recognize an error if you saw it? This might be a good time to hire either a CPA or an enrolled agent to do your return.
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