etrade 1099b, wash sale reporting

Technical topics regarding tax preparation.
#1
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Does anyone have experience on how etrade report wash sale on 1099b?
The realized gain/loss amount on etrade 1099b seems have not taken into account of the disallowance of wash sale.
e.g.,
proceeds is $10,000
cost basis is $2,000
wash dale is $1,000
realized gain or loss is $8,000
The realized gain on 8949 shows $9,000 while it is $8,000 on etrade 1099b.
Can anyone confirm that that is how etrade reports trade with wash sales?
So, $9,000 is the correct realized gain to be shown on tax return, right?

Just want to make sure that the realized gain reported on etrade has not taken disallowance of wash sale into consideration.

Thank you!
 

#2
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taxp2345 wrote:Can anyone confirm that that is how etrade reports trade with wash sales?
So, $9,000 is the correct realized gain to be shown on tax return, right?


Yes. That is correct. E*Trade shows the unadjusted gain/loss. To reconcile to the return take the total gain or loss and factor in the total wash sale amount.
 

#3
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Thanks!
 

#4
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I seriously wish that the brokerage firms would hire an accountant to analyze their formats before the next tax season so that the formats would flow the way we need them to without trying to do the algebra to get the correct answer...
 

#5
HowardS  
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I enter purchase price, cost and wash sale from the 1099-B and let the program calculate gain/loss. The brokerage's gain/loss is a non-issue IMHO.
Retired, no salvage value.
 


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