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Preparing to forms for 2017 tax folks to prepare. I have a…

Preparing to forms for 2017...
Preparing to forms for 2017 tax folks to prepare. I have a 18 page 1099-DIV/1099-INT and it says:
Total Wash Sales $2,996 and Realized Gain/Loss $ -7,103,72 and Federal Income Tax Witheld $0
does this result in my owing huge money to IRS?
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Answered in 4 minutes by:
3/15/2018
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 33,122
Experience: Personal Investment, Tax Preparation
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That information from from 1099B which is combined with other forms.

Wash Sales $2,996 is disallowed deduction of losses.

So from your Realized Gain/Loss $ -7,103,72 - you have a loss (negative amount - which will be reduced by the wash sale amount.

$3000 from your losses will be deducted against other taxable income.

Thus - that information will reduce your tax liability.

Let me know if you need any help.

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Customer reply replied 4 months ago
Does the tax preparer need all 18 pages or a particular page?

The tax prepare will need a particular information.

So bring all pages - and let the prepare to find information which is needed.

But most likely - and I see your concern - there are lots of information which will not be used.

Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 33,122
Experience: Personal Investment, Tax Preparation
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Customer reply replied 4 months ago
Just so I'm clear, I have no need to worry about a tax bill on this particular account due to the losses....

Based on that information - you are correct - no additional tax liability.

Just losses which will help to reduce your otherwise tax liability.

Plus you will have carry forward capital loss to the next year - and might be able to use disallowed wash sale loss in future time.

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Customer reply replied 4 months ago
SENT SMALL TIP TOO....

Thank you very much!
If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

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