How to efficiently check for wash sales across brokers?
How to efficiently check for wash sales across brokers?
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Franck Dernoncourt · External communityPost link
External question — Personal Finance Stack Exchange
Author: Franck Dernoncourt
Original post: https://money.stackexchange.com/questions/168004
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
Adaptation: HTML converted to plain text; contact email addresses removed.
Having multiple brokers in the US can have some
benefits
, but one drawback is that you may accidentally create wash sales across brokers: for example, selling stock A at a loss in Broker 1 and then buying stock A in Broker 2 the next day. These cross-broker wash sales often don’t appear on the
end-of-year tax forms
provided by each broker.
Is there any technique to track these cross-broker wash sales that is more efficient than manually tracking them yourself?
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Franck Dernoncourt · External communityPost link
External answer — Personal Finance Stack Exchange
Author: Franck Dernoncourt
Original post: https://money.stackexchange.com/a/168005
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
Adaptation: HTML converted to plain text; contact email addresses removed.
Reddit user
grokfinance
pointed
me to:
There is software designed for active traders that will do this.
https://tradelog.com
Looking at their site, they
advertise
their ability to report wash sales to the IRS quite prominently indeed:
manage wash sale effects and prepare IRS-ready trader tax reporting.
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Quoted from Forex.com.bd-Editorial External question — Personal Finance Stack Exchange Author: Franck Dernoncourt Source score (net votes, not local likes): -4 Original post: https://money.stackexchange.com/questions/168004 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. Having multiple brokers in the US can have some benefits , but one drawback is that you may accidentally create wash sales across brokers: for example, selling stock A at a loss in Broker 1 and then buying stock A in Broker 2 the next day. These cross-broker wash sales often don’t appear on the end-of-year tax forms provided by each broker. Is there any technique to track these cross-broker wash sales that is more efficient than manually tracking them yourself?
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