Set Up Wash Sales

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.