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Avoiding Wash Sale Disasters - How Traders Can Take Control - Shared screen with speaker view
Clifford Clark
02:02:52
Hi
Arun Bhutani
02:08:03
Are wash sales bad?
Arun Bhutani
02:09:32
What is a permanent wash sale?
Arun Bhutani
02:10:32
How does it apply between brokerage and retirement accounts?
Ziho Kang
02:11:52
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?
Patrick Slevin
02:13:42
Hope you may touch on MTM reporting and how it may be beneficial with respect to Wash Sales and in general...….
Arun Bhutani
02:15:24
How do brokers keep track between brokerage and retirement accounts? What about at two brokers?
deborah stuart
02:15:36
Losing you intermittently...anyone else?
Arun Bhutani
02:15:36
Keep losing audio.
Jonathan Larr
02:15:38
zoom is freezing a little here and there
Melina Triplett
02:16:15
Yes, you keep freezing
Clifford Clark
02:16:21
You are freezing
Vendela Mitchel
02:16:22
Is there a max how much losses you can deduct in one year?
deborah stuart
02:16:24
Missing about 2 of the people....as you went in and out
Brandon Capps
02:16:25
Yes, the screen and audio has been freezing multiple times
Padma Patel
02:16:30
losing audio
Vendela Mitchel
02:16:31
Yes you cut out once in a while.
sia afshari
02:16:32
Yes, audio has issues.
deborah stuart
02:17:17
frozen
Lisa Ferguson
02:17:19
Frozen again
G Kang
02:17:25
Freezing again
Pierre Margraff
02:17:32
frozen here
deborah stuart
02:18:02
did not hear your "wash sales snowball" info. You had frozen
Arun Bhutani
02:19:27
Please elaborate on permanent wash sales.
Chris Cantrell
02:20:32
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?
deborah stuart
02:22:55
Are you referring to buying the same stock for these losses?????
deborah stuart
02:23:03
Or are these different stocks losing money?
Arun Bhutani
02:23:11
How does it work with options in the example that you just wrote on the whiteboard?
Ramesh Ramanathan
02:24:00
Could you please detail Wash Sale regarding derivatives (options) ... I trade SPY derivatives actively
Clifford Clark
02:24:01
Don't trade in December... :-)
Mark Smith
02:24:31
Don't trade in January...;-)
Miles Jermanovich
02:24:34
if I bought stock xyz @ 70
Brandon Capps
02:24:50
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?
Arun Bhutani
02:25:13
If we have loss in December, don’t trade same security or option in January?
Miles Jermanovich
02:25:17
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?
Mark Smith
02:25:40
Bingo!
Melina Triplett
02:27:22
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
Rick Mathes
02:28:31
Only the government could make things this complicated.
Howard Marshall
02:29:08
What if the loss sale and the replacement purchase are for different numbers of shares?
Clifford Clark
02:30:55
Does it work in reverse?
Darren Neuschwander
02:31:59
and the brokerage firms don’t calculate permanent wash sales on the taxable 1099-b
Clifford Clark
02:32:19
If you cheated why would you answer yes? :-)
Pedro Quiterio
02:35:29
Are cryptocurrencies subject to wash sales?
Brandon Capps
02:35:35
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?
Clifford Clark
02:36:29
don't trade any stocks you had losses on in November in Dec...
David Keiper
02:37:14
Just for clarity, wash sales do not apply to Section 1256 contracts?
Vendela Mitchel
02:40:13
Tradelog is asking me to close out 2019 and it can't be changed later - How do I know it was done right?
Melina Triplett
02:40:25
Section 1256 contracts are not subject to wash sales.
TIMOTHY PETERSON
02:40:52
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?
Vendela Mitchel
02:40:53
Is 1099-B enough if you have only one account?
deborah stuart
02:43:45
So, I can run that wash sale report at any time in the year???
Richard Kaylor
02:45:07
sadly still no apple support
Melina Triplett
02:45:17
TradeLog has an Unlock/ Reverse End Tax function in the File menu.
Robert Miller
02:45:48
Very cool!
Melina Triplett
02:49:15
TradeLog does not keep track of your capital loss carry-over.
Melina Triplett
02:50:33
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/
Melina Triplett
02:52:05
Some are asking about the 3k carry-over loss. For example, does TL keep track?
Melina Triplett
02:54:01
This is being discussed now. Hope it's helpful :-)
Melina Triplett
02:54:42
It is being recorded, no problem.
Ramesh Ramanathan
02:56:26
lost audio
Vendela Mitchel
03:01:37
My question was How do I know it was done right? (so that I can close it out)
Melina Triplett
03:03:03
Please send your question to support@tradelogsoftware.com. Thanks :-)
Vendela Mitchel
03:03:49
Thank you!
Brandon Capps
03:04:25
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?
TIMOTHY PETERSON
03:05:42
Is this being recorded?
deborah stuart
03:05:53
Thank you!!!
Pierre Margraff
03:06:29
frozen
Ramesh Ramanathan
03:06:30
lost audio
Brandon Capps
03:08:19
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?
Melina Triplett
03:10:03
Yes, as long as you don't have any qualifying replacement shares in a substantially identical security (option on the same underlying stock).
Brandon Capps
03:11:11
How far back can you upload your trade? Ex. Could I buy the program and then upload trades from 2019?
David Keiper
03:13:10
Thanks Les & Jason
Mark Smith
03:13:10
yeah exposing an API is a really smart choice in this context.
Pierre Margraff
03:16:25
frozen
Melina Triplett
03:17:11
So sorry about that!
Melina Triplett
03:18:49
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.
Ziho Kang
03:18:56
So if we have differences in 1099-B vs. tradelog outputs, do we attach both in Turbo Tax?
Ziho Kang
03:19:15
How do we tell them not to use the values in 1099-B?
Melina Triplett
03:19:59
Check out the links in this article - hope that helps: http://www.tradelogsoftware.com/resources/filing-taxes/options-tax-rules#index-options
Ziho Kang
03:20:19
In other words, can we choose to not include 1099-B in tax report?
Miron S
03:21:28
Thanks
Suresh Mani
03:21:38
Thanks