I have a new client who has been dealing with the same stock for 17 years, buying, selling, rebuying, etc. My problem is that he had a lot of wash sales, which the loss has to be carried over to the new stock purchased, and his buy and sell transactions are in the hundreds.
Does anyone have experience with a wash sale loss basis tracking software?
Problem is there was one sale where not all of the loss rolled to the new shares, I have to figure that out before I can figure out the remaining basis for the remaining shares sold recently.
Received IRS letter since client forgot to put sales on 2017 return, so there is a time crunch. Total 2017 loss greater than 200k, so not a fraud issue. But i don't want to send in a filled out schedule D without it being correct.
OR should we tell the IRS we have the info, and let them figure out what the loss was?