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Hi from Just Answer. I'm PDtax. I can assist.
I like to send the suspended loss to the basis of the replacement shares. An example for $15,000 sale:
Debit investment-new 7000
Cash (sale proceeds) 8000
Credit investment - old 15000
Of course, adjust that entry for your actual transaction.
That way your books reflect the new investment at their tax basis when you eventually sell.
Thanks for asking at Just Answer. Positive feedback using the rating scale below is appreciated. I'm PDtax.
Let's use a single transaction. The idea will translate to many transactions.
2/14 sale of 100 shares for $8,000, your basis 15,000.
2/25 you buy the same shares again for 7,800.
2/14 debit Cash 8000
debit loss on sale 7000
credit investment 15000
2/25 debit investment 7800
debit investment 7000
credit loss on sale 7000
credit cash 7800
After the second entry, the new investment has the correct tax basis, and the earlier loss is no longer reported.
You might need to do this for all the transactions that are wash sales, to determine the tax gain/loss and tax basis of the investments.
I'm not sure what you want me to do for you.
I answered your original question, but you are trying to use the quickbooks to turbotax data transfer to do this.
I would try to override all of these transactions myself, by entering the amounts manually and attaching a pdf of your brokerage statement that shows their gain/loss calculation with the wash sales.
Trying to fix the entries remotely would cost you hundreds of dollars, and be difficult to do remotely. Take a tip from an old time preparer, and just do it my way if you can.
Thanks again. Please rate my assistance to close out your question. I'm PDtax.
I would put it as an asset on my balance sheet, call it "suspended loss" or similar. It is a plug figure to make your balance sheet balance. Next year, when the suspended losses are likely recognized, write it off as a book to tax adjustment on next year's return.
Is there anything else you need? If this covers things, I would appreciate a positive rating, as I am trying to close out questions for month's end.