Capital gains weirdities.

[joanmcq]

This is the second client I've had with this issue; Fidelity at least has been adding the adjustment from wash sale to cost basis so if I report the way I think I should, the reported gain/loss doesn't match.  Has anyone seen this with any other brokers?

[Lee B]

weirdities   Yay, I've learned something new today

[Randall]

10 hours ago, joanmcq said:

This is the second client I've had with this issue; Fidelity at least has been adding the adjustment from wash sale to cost basis so if I report the way I think I should, the reported gain/loss doesn't match.  Has anyone seen this with any other brokers?

I'm not sure what you mean.  Are you saying your input gain/loss doesn't match the 1099B?  But if the broker is adding back wash sale to cost basis, then why wouldn't it?

 

[joanmcq]

Is this something new this year?  In prior years, brokers didn't add the wash sales back to basis and we couldn't report them on line 1a of Schedule D.  This year, some are and some aren't.  Or maybe the only wash sales I've had are Fidelity and now Etrade.  I haven't had an update class since last summer and I am missing a lot that I usually don't.

[Randall]

I've seen an Edward Jones that shows a column for wash sales.  But the gain/loss column is labeled 'unadjusted gain/loss'.  When I input the wash adjustment, gain is increased.  On  some others, I've seen the wash adjustment already included.

[jasdlm]

If you enter the adjustment and code 'W', ATX will adjust the basis (assuming you are using ATX), and your gain/loss will match.  I've seen it for several years (usually in amounts of a dollar or two on managed accounts; sheesh).

[schirallicpa]

Never assume the investment company is right with tax stuff