What are wash sales and how do they affect my taxes?
An example of an AI chatbot conversation about reporting wash sales in tax filings.
What are wash sales and how do they affect my taxes?
Wash sales occur when you sell a security at a loss and then repurchase it within 30 days. This can affect your taxes because the IRS disallows the loss for tax purposes.
How can I report wash sales on my tax return?
You need to report wash sales on Form 8949, where you list the transactions and indicate the disallowed losses.
Are there any exceptions to the wash sale rule?
Yes, exceptions include transactions involving different accounts or if the security is substantially different.
What happens if I accidentally report a wash sale?
If you accidentally report a wash sale, it could lead to an incorrect tax return, and you may need to amend it.
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