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Pastimes : Investor Accounting

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From: HIA3/6/2012 4:18:53 PM
   of 19
 
No, there is a new 1040 Schedule D along with a required Form 8949 .

[ 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.
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