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    blade1040's Avatar
    blade1040 Posts: 2, Reputation: 1
    New Member
     
    #1

    Apr 12, 2010, 03:45 PM
    Tax
    I'm using turbo tax online to do my taxes and I need some help concerning some stock sales. I bought and sold the same stock several times during a short period, and all resulted in losses. The turbo tax determines that they are wash sales due to the time frame which those sales occurred. It asks the following questions:

    Did you buy or reinvest dividends in substantially identical stocks between June 15, 2009 and August 14, 2009?
    I answered: Yes

    Did you sell all of the stocks you acquired between June 15, 2009 and August 14, 2009 in this sale?
    I anwered: No (I sold at different times but during the same time period)

    Enter the number of shares you bought between June 15, 2009 and August 14, 2009 and did not sell as part of this sale.
    500

    It says that I cannot take this loss however to Keep a record of this loss. When you sell the new shares you purchased, you can add it to your cost basis so your taxable gain will be less, or your loss even more.

    Date acquired description #shares price date sold Price sold loss
    7/10 xyz 100 $3 7/15 $2 100
    7/30 xyz 200 $4 8/5 $3 100
    8/10 XYZ 300 $2 8/15 $1 100

    Question is if I have sold everything since, how can I go about reporting the loss. Is it possible to combine all transactions for the same company and making only one entry?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    May 7, 2010, 11:50 AM
    Yes, you CAN combine all the transactions for one company and report as a single line entry on the Schedule D.

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