A wash sale is a transaction in which an asset is sold at a loss and within 30 days that same or similar asset is bought back. The purchase can either be 30 days before or 30 days after the sale to qualify. When this occurs, there are tax consequences under the USTAX accounting basis. You must set up the accounting basis for an entity to enable wash sale processing for all trades and certain corporate actions for that entity/accounting basis.
To set up and use wash sales in Eagle's Accounting solution, you can do the following:
■ Set up the accounting basis to allow wash sales processing. See the Set Up Accounting Bases to Allow Wash Sales Processing section for more information.
■ Set up wash sale exclusion codes for securities ineligible for wash sales processing. See the Set Up Securities Ineligible for Wash Sales Processing section for more information.
■ Add and cancel wash sale adjustments. See the Manage Wash Sale Adjustments section for more information.
■ Track wash sale disallowances. See the Track Wash Sales Disallowances section for more information.
■ Report on wash sales. See the Wash Sales Reports section for more information.
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