Question on wash sale.. Please advise

Discussion in 'Taxes and Accounting' started by vjdvani0111, Dec 31, 2019.

  1. Hi Guys,

    Newbie to this forum and i tried searching the forum before posting this thread. Got answers to many of questions except the below. This year i traded from Robinhood and TdAmeritrade and my spouse traded from Robinhood. We traded mainly in options. Question is when we file the taxes together how do we identify the wash sales altogether ? I am currently checking tradelog . But if we ensure the below do we still need to identify wash sales altogether or just rely on the 3 1099's that come out from brokerages(2 for me and 1 for my spouse)

    1) Close all option position across all 3 accounts by Dec 31st and leave none open
    2) DO NOT trade the stocks that we traded from Dec 1st to Dec 31st this year in 3 accounts in Jan 1st - jan 31st in 2020 from any of the accounts to ensure no wash sale loss is carried forward to 2020.

    If we follow the above 2 do we still need to combine and identify wash sales or just submit the 3 different 1099's that comes from brokerages.

    Please advise and sorry if it's duplicate thread.
  2. Thanks. That thread is informative. We don't have IRA accounts Just have 401k account so hopefully its not complex.