Re: wash sales

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In Reply to: Re: wash sales posted by Bill on January 26, 2001 at 08:33:49:

: : : : : 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
: : : : : are used as, or to complete, the Schedule D. Even if future versions of FM do not include some sort of wash sale identifier/calculator, I would like to at least see a way for users to self identify/calculate their wash sales, but at least have a specific way (menu selection) in FM to properly accept the user wash sale data, while including the wash sale identity and adjustment on the "Capital Gains" report.

: : : : :

: : : : Hi Bill,
: : : : Thanks for the feedback, you are of course right. Adding support for
: : : : handling wash sales would be a valuable addition. This is high on our
: : : : priority list.

:
: : : : Thanks,
: : : : Mark
: : : : --
: : : : Mark Beiley
: : : :
: : : : Fund Manager for Windows 3.1x/95/98/NT
: : : :
: : : :

: : : Hi Mark,
: : : Glad to hear that wash sales are a high priority for FM. Speaking for myself, determining when a was sale occurs is something that I can handle. I know when they happen and what has to be done. I need the FM entries to deal with them.

: : : 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.

: : : Thanks,
: : : Bill

: : Hi Bill,
: : Thanks for the info/help. I'll have to do some more thinking and research
: : on this before implementing it. When we get to it I may even e-mail you
: : with questions on how you'd like to see it, if that is alright with you?
: : Sounds like you've had some experience with these...

: : Thanks,
: : Mark
: : --
: : Mark Beiley
: :
: : Fund Manager for Windows 3.1x/95/98/NT
: :
: :

: Hi Mark,
: Because of the crazy way that market is behaving, as of yesterday, I have already been forced to deal with a wash sale for 2001. I'm not a day trader. Many, many regular (otherwise long term investors) are forced into wash sales in this wildly capricious market.

: I'd be more than happy to spend all the time you need providing you with input as to my knowledge of wash sale information and how the wash sale may best be used in FM. My typing skills are at best terrible and because of the technicle nature of the wash sale rules, I prefer you e-mail me and I'd be happy to provide my phone number. The articulation would be much easier by phone than by keyboard.

Hi Bill,
Thanks for the offer of help. When I get to incorporating the wash sales
into FM I will contact you with any questions.

Thanks,
Mark
--
Mark Beiley

Fund Manager for Windows 3.1x/95/98/NT

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