In misc.taxes.moderated, Hauslohn wrote:

- quote -

Hauslohn did not respond to my first question ["*Where* (what form,
report, or letter) does Turbo Tax say you have a "Total
Nonreportable Loss" of $26000?"], so DF2 could not see if that same
message appeared after putting a big wash sale into a test file.
There were several places that did not have such a message.

DF2 will be away from MTM for a week.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Apr 10, 6:43*pm, DF2 <replyvia[at]newsgroup_please.com> wrote:
- quote -

follow on trades in the same stock/options thereon, but kept trading
in and out with the same shares/connected options within 30 days...
hence the Wash Sales reported by our broker. We ended up according to
Turbotax in the Summary of Cap Gains & Losses with $143K in cap gain,
but minus $165k in cap loss ( $22 K overall Loss I would habve
thought) but Turbo tax says Cap Gain of $5k and this $26k as "Total
NONreportable Loss' - I really don't quite comprehend what is meant by
"Total NONreportable Loss" - I cannot find explanation of the meaning
of those words.
At the close of 08 we had gains from Options Sales ( not closed out)
of $14k which we carried not reported over as the Options Expirations
were in Jan and Feb 09 - can we offset the $26k above mentioned in 08
against that and other gains in 2009?
Hauslohn confused by wording " Total Nonreportable loss"

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <4b3vt4t3dkakvnbmd97unc65beeh433gea[at]4ax.com> ,
DF2 <replyvia[at]newsgroup_please.com> wrote:
- quote -


As part of understanding wash sales, can I assume you increased
the cost basis of the replacement shares by the amount of disallowed
wash sale loss?
--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In misc.taxes.moderated, Hauslohn wrote:

- quote -

That sounds like a good guess. *Where* (what form, report, or
letter) does Turbo Tax say you have a "Total Nonreportable Loss" of
$26000?

- quote -

That's a lot of wash sales. Do you understand about wash sales, and
if not, where did you get the information that certain of your sales
were wash sales?


- quote -

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Hauslohn" <Hauslohn[at]cox.net> wrote
- quote -




It sounds like wash sales that stick. Meaning, the non-reportable losses
would be wash sale losses where you are still holding the repurchased stocks
as of year-end.

There will be other wash sale losses where you sold the repurchased sales
prior to year-end.

To the extent that your basis in the repurchased shares is adjusted, I guess
you could say yes, you get to "carry them forward".

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

When we finish our Capital Gains and Losses, Turbo Tax says we have a
"Total Nonreportable Loss" of $26000, but a net Gain of several
thousand $. What exactly does "Total Nonreportable Loss" mean? Can
we carry it forward? (In case it is anything to do with that, our
Wash Sales were $30,000.
Totally confused by that and Turbo Tax group does not reply.
Thanks in advance
Hauslohn

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >