So, early this year, I (unwittingly) did a wash sale. I have heard of wash sales before, but I had made an invalid assumption.
In case anyone else doesn't know, in the US, if you sell a stock for a loss, and repurchase it within 30 days, you are not allowed to claim the capital loss. This is called a "wash sale". I am trying to work out how I properly record this in GnuCash. I have worked out something (based upon what an accountant said), but I wanted to run it by this group as a check. Anyway, I sold all my shares (100) in stock X for a loss of Y and the following week purchased 50 shares. So, I have recorded this as two multi-split transactions. In the stock X account, split #1 DEBIT: sale price to the sweep fund DEBIT: long term capital gain with Y (I supposed technically, it's a "negative credit" because it's a loss, but this works) CREDIT: selling 100 shares of stock X at the sale price CREDIT: cost basis of stock X (again, technically, a negative debit, but this works) One week later, in the stock X account, split #2: DEBIT: purchase 50 shares of stock X for the cost DEBIT: cost basis of wash sale (Y) CREDIT: long term capital gain with Y (to zero out the loss that I cannot claim, and to add it to the cost basis of stock X) CREDIT: sweep fund for cost of purchase Does this seem the correct way to go about this? (it definitely leaves a zero LT capital gain for stock X, which is what I needed to have happen). Thank you! -- _________________________________ Richard Losey rlo...@gmail.com Micah 6:8 _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
