When we finish our Capital Gains and Losses, Turbo Tax says we have a "Total Nonreportable Loss" of $26000, but a net Gain of several thousand $. What exactly does "Total Nonreportable Loss" mean? Can we carry it forward? (In case it is anything to do with that, our Wash Sales were $30,000. Totally confused by that and Turbo Tax group does not reply. Thanks in advance Hauslohn
"Hauslohn" wrote
It sounds like wash sales that stick. Meaning, the non-reportable losses would be wash sale losses where you are still holding the repurchased stocks as of year-end.
There will be other wash sale losses where you sold the repurchased sales prior to year-end.
To the extent that your basis in the repurchased shares is adjusted, I guess you could say yes, you get to "carry them forward".
That sounds like a good guess. *Where* (what form, report, or letter) does Turbo Tax say you have a "Total Nonreportable Loss" of $26000?
That's a lot of wash sales. Do you understand about wash sales, and if not, where did you get the information that certain of your sales were wash sales?
As part of understanding wash sales, can I assume you increased the cost basis of the replacement shares by the amount of disallowed wash sale loss?
Wash Sale-wise, after losses, we increased the cost basis of the follow on trades in the same stock/options thereon, but kept trading in and out with the same shares/connected options within 30 days... hence the Wash Sales reported by our broker. We ended up according to Turbotax in the Summary of Cap Gains & Losses with $143K in cap gain, but minus $165k in cap loss ( $22 K overall Loss I would habve thought) but Turbo tax says Cap Gain of $5k and this $26k as "Total NONreportable Loss' - I really don't quite comprehend what is meant by "Total NONreportable Loss" - I cannot find explanation of the meaning of those words. At the close of 08 we had gains from Options Sales ( not closed out) of $14k which we carried not reported over as the Options Expirations were in Jan and Feb 09 - can we offset the $26k above mentioned in 08 against that and other gains in 2009? Hauslohn confused by wording " Total Nonreportable loss"
Hauslohn did not respond to my first question ["*Where* (what form, report, or letter) does Turbo Tax say you have a "Total Nonreportable Loss" of $26000?"], so DF2 could not see if that same message appeared after putting a big wash sale into a test file. There were several places that did not have such a message.
DF2 will be away from MTM for a week.
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