Wash sale reporting

[DDOG]

on the sale of mutual funds that has a wash sales loss disallowed can you reduce the cost by the wash sale disallowed and report that cost basis on the form 8949 reporting exceptions transactions.  I have one wash sale of $3.00.

[Frustrated-in-IL]

Are you looking for TurboTax support?

[DDOG]

Pro Series Basic   Instead of listing evry transaction on 8949 I want to just decrease the cost basis by the amount of the disallowed wash sale and report totals only bypassing reporting individual transactions. 

[Skylane]

Assuming the same or similar workflow as PS Pro.... 

summarize the transactions; code A - Code F and make an adjustment for the wash sale, then attach   8949 as a pdf to the e-file. 

[BobKamman · Accepted solution]

Are you trying to avoid the 8949?  I have been known to keep it just on Schedule D by adjusting the cost basis so the result is correct, but I don't brag about it.  

[DDOG]

Yes that is exactly what I am trying to do. I like your answer.  Thanks for the response

[Frustrated-in-IL]

Yet it states quite clearly in unambiguous terms right on the Schedule D you cannot do that.

[BobKamman]

But it's not very clear about the penalty for disobeying.  

[sjrcpa]

For $3, CAGMC.

[Frustrated-in-IL]

Okay, I have to ask.  I'm old and I don't know.  What is "CAGMC"?  I tried to do a search but all I could come up with is "Community Action for Greater Middlesex County".  I searched my Federal Tax Handbook and the Internal Revenue Manual but couldn't find it there either.  Is it an acronym for some new tax credit I'm not giving my clients?

[IRonMaN]

Come And Get Me Copper.

[BobKamman]

Certified Accountants Go Maximum Compliant

[abctax55]

Oh, Chuck... RIP my friend

CAGMC was one of the favorite sayings  of our dear departed friend on this forum:

Chuck aka Archie.  Those of us that knew him still miss him; I can't see a Mazda Miata without thinking of him. 

[sjrcpa]

[Skylane]

Archie Leach won the battle of the client locking tool... (which I never use)... miss him

[IRonMaN]

For those that are relatively new to the community, you can credit Chuck Warman for the saying.  Chuck was a cantankerous old coot that was one of the original AllStars and went by the stage name here as Archie Leach aka the grammar nazi.  Chuck was killed in a car accident in a little Miata that he had recently purchased ------------ a car he loved to drive.  It seems like we just lost him yesterday but it has been 7 years already.  This place lost a lot with his passing.  A lot of knowledge and a lot of humor.  I know I speak for the original AllStars when I say that we all miss him.  

[BobKamman]

https://www.timesrecordnews.com/story/life/announcements/obituaries/2017/02/18/chuck-warman/98101030...