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Stephen G.
Stephen G., Sr Income Tax Expert
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Pennsylvania does not recognize wash sales. How do I figure

Resolved Question:

Pennsylvania does not recognize wash sales. How do I figure the cost basis?
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

Stephen G. :

Hello, my name isXXXXX & I'll be helping you today. My goal is to give you a complete & accurate answer that you can understand.

Stephen G. :

Every transaction is independent of any other transaction. So, basis is determined by acquisition cost, the same as any other securities transaction.

Stephen G. :

A wash sale occurs when a subsequent purchase of a previously sold security within 30 days of the sale has the effect of disallowing any loss that was recognized on the sale.

Stephen G. :

So what this means is that in my example above, the sale that would not be recognized under the wash sales rules for Federal purposes will be recognized for PA purposes.

Stephen G. :

Is that clear or can I further clarify for you?

Stephen G. :

In effect you need to keep a separate set of records for these transactions for PA purposes.

Customer:

IDo you mean that PA recognizes the loss. And if so, what is the cost basis? Ex: Cost basis at sale was64,4333.

Customer:

Loss is 32,239. What would be the cost basis in PA?

Stephen G. :

Yes. PA would recognize the loss. The tax basis is acquisition cost.

Customer:

OK. When I type in the 64,433, it increases the loss. (I am working in Turbo Tax).

Stephen G. :

I'm not sure I understand what you are doing. The cost of the security that you sold is the same whether or not the sale is recognized.

Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4190
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Stephen G.
Stephen G.
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Extensive Experience with Tax, Financial & Estate Issues