Re: wash salesBill on January 23, 2001 at 11:09:54:
In Reply to: Re: wash sales posted by Mark on January 20, 2001 at 22:42:46:
: : I'm a big, big FM fan and have been using it for several years. Notwithstanding my praise for FM, I would realy like to see some sort of way to better handle wash sales. Using commission fee or account fees is at best a poor way to attempt to deal with the required adjustments. These sort of entry tricks fall short of maintaining the appropriate entries in the "Capital Gains" reports that
: Hi Bill,
As I'm sure you are aware, the sale of the security at a loss does not initiate a wash sale. It's when a security is PURCHASED that the wash sale rule comes in to play. Accordingly, if FM had a way to menu specifically accept the wash sale data (associated deferred loss added to the new purchase cost) and show up on the Capital Gains Report as a separate wash sale adjustment, this would be a great improvement. As per the IRS rules, the separate wash sale entry would be listed as a positive under the wash sale entry, followed by the new purchase entry which would include the deferred loss added to the new purchase cost.
Notwithstanding the absence of the wash sale problem, FM is absolutely fantastic. The more you use the program the more you realize how thoroughly helpful FM can be. As always, I'll be happily continuing to maintain all updates.
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