[tableclocks]

In general... do I have to report a wash sale for 2010?
Tks,, richard..

I still own the stock after the 2nd purshace for 2010

[AtlantaTaxExpert]

No, you do not.

A wash sale disallows the loss from the sale of the stock because the stock was re-purchased within a 30-day period.

Since the loss is disallowed, it is treated tax-wise as if the sale NEVER happened.

[MukatA]

May be you should report all the sales including wash sales on schedule D (Form 1040).

After a sales entry that is wash sale, in the next line under (a) description write Wash Sale and under (f) Gain or loss, write the loss amount as positive figure.

[ebaines]

Mukata is correct. The problem with not reporting the wash sale is that when you add up the proceeds from all sales on Schedule D it will not match the total of proceeds as reported on the 1099-B form from your broker, which will raise an inquiry from the IRS. By reporting it this way, the totals work out correctly.

[tableclocks]

... thank you...

No, you do not.

A wash sale disallows the loss from the sale of the stock because the stock was re-purchased within a 30-day period.

Since the loss is disallowed, it is treated tax-wise as if the sale NEVER happened.

[tableclocks]

Thank you... fidelity has a very nice schedule d type forn that I can follow... again... thank you...

May be you should report all the sales including wash sales on schedule D (Form 1040).

After a sales entry that is wash sale, in the next line under (a) description write Wash Sale and under (f) Gain or loss, write the loss amount as positive figure.

[AtlantaTaxExpert]

TableClocks:

Use the Fidelity-provided Schedule D; it will cover the issues quite well.

ebaines:

I agree that wash sales DO have be reported if they are included in the Form 1099-B proceeds.

Unfortunately, in some 1099-Bs, the proceeds from the wash sale is NOT reported, while on other 1099-Bs, they are. It varies depending on the brokerage house, and can be a REAL pain when the transactions total in the millions of dollars, as happens with day trader accounts.

[tableclocks]

TableClocks:

Use the Fidelity-provided Schedule D; it will cover the issues quite well.

ebaines:

I agree that wash sales DO have be reported if they are included in the Form 1099-B proceeds.

(((((((((((((( tks...i think i got it figured out....the fedelity non exspanded view of there schdule D... does not include wash sales...just the buys and sells relivent to makeing or loseing money...so i,ll transfer the numbers from there......again thank you,,,,,,richard )))))))))))))))

Unfortunately, in some 1099-Bs, the proceeds from the wash sale is NOT reported, while on other 1099-Bs, they are. It varies depending on the brokerage house, and can be a REAL pain when the transactions total in the millions of dollars, as happens with day trader accounts.

(((((((((((((( tks... I think I got it figured out... the fedelity non exspanded view of there schdule D... does not include wash sales... just the buys and sells relivent to making or loseing money... so I'll transfer the numbers from there... again thank you,, richard )))))))))))))))