We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Pastimes : Investor Accounting

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
From: HIA3/6/2012 4:18:53 PM
   of 19
No, there is a new 1040 Schedule D along with a required Form 8949 .


So the cost basis of a wash sale position is entered as unadjusted on Form 8949. Then there is a column for adjustment to gain/loss where the wash loss goes .

The Form 8949 has a total for sales price, cost basis, and adjustment to gain/loss. It doesn't calculate a line by line gain/loss like a Schedule D-1. And it has a column for a code letter along with the previously mentioned column for adjustment to gain/loss. The letter "W" is used for wash sale lines .

KBH Investor Accounting doesn't currently have a Supp App to make a Form 8949. The Supp App output could be edited to make a letter-code column between security description and purchase date. And then the column of gain/loss could be used instead for adjustments to gain/loss .

KBH Investor Accounting will add a Supp App output similar to a Form 8949 in a few weeks .

For an IRS wash sale accounting, the input into KBH Investor Accounting should be the sales price and cost basis as shown on the 1099-B and then the wash sale adjustment to gain/loss would have to be manually added to the Form 8949 .

The current Supp App is okay for traders-in-securities who use a Form 4797 and who aren't required to follow a wash sale accounting.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext