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E
ellefoo
February 19, 2023
Question

Why are Capital Loss is not correct after I enter proceeds and basis

  • February 19, 2023
  • 1 reply
  • 0 views
These are day trades and I entered all summary totals for transaction proceeds (1d)  and basis (1e).  Why are the capital losses not correct on Turbotax?

1 reply

R
RobertB4444
February 21, 2023

You may have some wash sale losses.  A wash sale occurs when a stock is sold at a loss and then re-purchased within 61 days.  

 

Losses generated by this are not allowed.  If you have wash sales they should be shown on your 1099-B as "Wash Sale Disallowed and reflected in your net transaction amount.  Wash sales need to be entered as an adjustment to the sale using code 'W'.

 

@ellefoo 

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