Are wash sales bad?
What is a permanent wash sale?
How does it apply between brokerage and retirement accounts?
For the same stock, what if we sold with a profit of $5000 on Dec 14, then sold with a lost $1000 on Dec 15, then buy on Dec 31th? Is the loss of $1000 considered as wash sale and carried over to the next year, or is it not a wash sale and I only report $4000 profit for current year?
Hope you may touch on MTM reporting and how it may be beneficial with respect to Wash Sales and in general...….
How do brokers keep track between brokerage and retirement accounts? What about at two brokers?
Losing you intermittently...anyone else?
Keep losing audio.
zoom is freezing a little here and there
Yes, you keep freezing
You are freezing
Is there a max how much losses you can deduct in one year?
Missing about 2 of the people....as you went in and out
Yes, the screen and audio has been freezing multiple times
Yes you cut out once in a while.
Yes, audio has issues.
did not hear your "wash sales snowball" info. You had frozen
Please elaborate on permanent wash sales.
If all of your trades happened in 2020, and right now, in 100% cash … if I don’t re-open trades until 30 plus days after now, would that eliminate all issues with wash trades?
Are you referring to buying the same stock for these losses?????
Or are these different stocks losing money?
How does it work with options in the example that you just wrote on the whiteboard?
Could you please detail Wash Sale regarding derivatives (options) ... I trade SPY derivatives actively
Don't trade in December... :-)
Don't trade in January...;-)
if I bought stock xyz @ 70
So what if you hold a wash sale, close it out... and after 30 days you DON'T trade it for the rest of the year. Can you THEN deduct the loss?
If we have loss in December, don’t trade same security or option in January?
I bought stock xyz @ 70 and wrote calls against it @ 60. If they are sold through assignment can I claim a lose if I wait 31 days and buy the stock back?
Many of you have been asking about wash sales in connection with IRAs. If your question is not answered during the webinar, please check out this article: http://www.tradelogsoftware.com/resources/wash-sales/#ira-wash-sale
Only the government could make things this complicated.
What if the loss sale and the replacement purchase are for different numbers of shares?
Does it work in reverse?
and the brokerage firms don’t calculate permanent wash sales on the taxable 1099-b
If you cheated why would you answer yes? :-)
Are cryptocurrencies subject to wash sales?
So if you hold a wash sale, close the position out (let's say in June) and NEVER trade it again. Are you then able to deduct the loss for that year?
don't trade any stocks you had losses on in November in Dec...
Just for clarity, wash sales do not apply to Section 1256 contracts?
Tradelog is asking me to close out 2019 and it can't be changed later - How do I know it was done right?
Section 1256 contracts are not subject to wash sales.
If you have a loss in 2020 in a trading account. You later have a gain on the same stock in 2020 in a trading account. You also have a gain on the same stock in 2020 in an IRA account. All these transactions occur within a 30 day period. Does the stock in the trading account or IRA account get adjusted?
Is 1099-B enough if you have only one account?
So, I can run that wash sale report at any time in the year???
sadly still no apple support
TradeLog has an Unlock/ Reverse End Tax function in the File menu.
TradeLog does not keep track of your capital loss carry-over.
The data is being downloaded from the broker's account, then imported into TradeLog. Some brokers have a direct import method called BrokerConnect - see: http://www.tradelogsoftware.com/support/broker-imports/
Some are asking about the 3k carry-over loss. For example, does TL keep track?
This is being discussed now. Hope it's helpful :-)
It is being recorded, no problem.
My question was How do I know it was done right? (so that I can close it out)
Please send your question to firstname.lastname@example.org. Thanks :-)
If you close the position entirely in November that is classified as a wash sale and never trade it again.... Do you get to deduct the loss for that year?
Is this being recorded?
IF you close the position entirely in November that is classified as a wash sale... Then NEVER trade that position again, do you get to deduct the loss for that year?
Yes, as long as you don't have any qualifying replacement shares in a substantially identical security (option on the same underlying stock).
How far back can you upload your trade? Ex. Could I buy the program and then upload trades from 2019?
Thanks Les & Jason
yeah exposing an API is a really smart choice in this context.
So sorry about that!
Harshad, we are working on a major update that I believe will include LIFO. I just can't tell you at this point when we'll have that ready for our users.
So if we have differences in 1099-B vs. tradelog outputs, do we attach both in Turbo Tax?
How do we tell them not to use the values in 1099-B?
Check out the links in this article - hope that helps: http://www.tradelogsoftware.com/resources/filing-taxes/options-tax-rules#index-options
In other words, can we choose to not include 1099-B in tax report?