In Turbo Tax Business what is the difference between reporting a ';wash'; equity sale as a cost or a loss?

If a tax payer is operating a day trading business what is the easiest way to report gains and/or losses in Turbotax Business if the broker is not on the import list? Is filing on paper the only option?In Turbo Tax Business what is the difference between reporting a ';wash'; equity sale as a cost or a loss?
...


i believe so but see if you can get in contact with IRS and ask a rep just to be sureIn Turbo Tax Business what is the difference between reporting a ';wash'; equity sale as a cost or a loss?
I'm not sure how you'd handle that with TT, but if you're truly operating as a Trader in Securities then very different rules apply to you. A Trader in Securities does not file these as captital gains on Schedule D but as business income on Schedule C. This is a complex area of tax law and I 'd highly urge to to seek professional advice from a CPA or EA who specializes in this area of tax law.





See IRS Pub 550 for further guidance.