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TradeLog Blog

Wash Sale Rules Make 1099-B Worthless for Many Traders


In a recent webinar with active traders we did a poll and 97% who responded had situations where the 1099-B may not be complete in wash sale reporting. Often this is because the trader has more than one taxable account, or an IRA account, or he trades option contracts. At the root of the problem are differing wash sale rules that the IRS has for 1099-B and for taxpayers. What are the differences and why is the 1099-B often worthless as a result?

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Tags: Trader Taxes, Wash Sales, 1099-B

Wash Sale Adjustments on Short Sales: Major Brokers are Getting it Wrong


Some major brokers have taken a troubling position in the way they report wash sales on the 1099-B for short sales. This caused big problems when taxpayers tried to reconcile and understand their 2011 1099-B reports. But it appears some brokers continue to use this baffling and incorrect method, which will cause more tax reporting problems for 2012 tax year.

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Tags: Wash Sales, Trader Taxes, 1099-B

What Every Trader Needs to Know About Taxes


There are many misconceptions that exist about tax reporting for traders and investors. Here are the top two myths, and the facts you need to know…

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Tags: Trader Taxes, 1099-B, Wash Sales, Form 8949

IRA Wash Sales Can Have Severe Consequences


Yes! You read that correctly: Wash sales in an IRA can have severe consequences! This often-overlooked part of the IRS wash sale rules must not be ignored by active traders and investors.

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Tags: Trader Taxes, Wash Sales

It's the Season: for Watching Wash Sales


Wash sales can happen all year long, but wash sales that occur in December and January are the ones to watch. Why? Because wash sales that happen in December and January can potentially increase your taxable capital gains for the year! In this post we’ll review what a wash sale is and their potential negative effect. Plus, we'll illustrate how to use TradeLog to monitor wash sale effects on your trades.

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Tags: Trader Taxes, Wash Sales