SI
SI
discoversearch

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.
Non-Tech : Stocktax: Stock Trader's Tax & Accounting Companion
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Labrador who wrote (11)3/29/1999 10:18:00 AM
From: Madhur   of 118
 
1. Wash Sales
At this point StockTax is not dealing with Wash Sales.
As far as I understand it, wash sales are really only relevant when positions cross the tax year closing date. Otherwise as I quote from
fairmark.com
"Because of this basis adjustment, a wash sale usually isn't a disaster. In most cases, it simply means you'll get the same tax benefit at a later time. If you receive the benefit later in the same year, the wash sale may have no effect at all on your taxes."
To properly deal with Wash sales, StockTax would need to know all the January99 buy's and check if you had positions during december98 for those stocks and then (if you had a loss) exclude them from the list of completed trades (disallow loss). The problem I see is that in the 1099 B list of ALL sales, which is "furnished" to the IRS, the grand total of all the sales then will NOT match! So this might create more problems, then it solves?

2. Mutual funds
Usually you hold mutual fund positions for a long time,
and many times cross the year end mark.
Then of cause the first-in first out method will not always work,
but then you also usually have only a few "trades" per year
and can easily do it manually in a spreadsheet.
The "actual" short term trader on the other hand can have thousands of trades per year, but will not hold many (if any) positions across December 31 Mark. Those have to be adjusted manually.

6. Return of capital
Stocktax is currently not dealing with that topic.

Cheers,
Madhur
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News