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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you:

• Buy substantially identical stock or securities,
• Acquire substantially identical stock or securities in a fully taxable trade,
• Acquire a contract or option to buy substantially identical stock or securities,
• Acquire substantially identical stock for your Individual Retirement Account (IRA) or Roth IRA, or
• If you sell stock and your spouse or a Corporation you control buys substantially identical stock, you also have a wash sale.

Form 8949 instructions, wash sales are reported on either line 1 or 3 of Form 8949 with a code "W" in the column (f). Enter as a positive number in column (g) the amount of loss not allowed.

To report wash sales per Form 8949 instructions (quoted above) in UltraTax/1040, access Screen BD (located in the Income folder), open the Schedule for detail statement dialog, and do the following:

1. Enter the description, date acquired, date sold, sales price, and cost/basis.
2. Enter the nondeductible loss as a positive amount in the Adj to G/L field. For covered securities, Form 1099-B Box 1f will show a W for wash sale and Box 1g will show the disallowed wash sale amount.
3. Select W Nondeductible loss from a wash sale from the Adj Code field.

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