wasnt there a thread with someone with a 90 page long 1099?
better make sure you look at everything for a wash sale….cause Wealthfront didnt…April 13, 2019 at 5:37 am MST #206180jfoxcpacfpModeratorStatus: Financial Advisor, Accountant, Small Business OwnerPosts: 7161Joined: 01/09/2016
Honestly, I think there is little to nothing to be gotten in exchange for the frenzied trading from these sites. But all those transactions seem to make people feel better and alleviate that nagging need for personal responsibility.
Or, maybe not.
Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
https://fox-cpas.com/for-doctors-only/ENT DocParticipantStatus: PhysicianPosts: 2916Joined: 01/14/2017
“Over a period of more than three years during which it made this disclosure, wash sales occurred in at least 31 percent of accounts enrolled in Wealthfront’s tax loss harvesting strategy.“
RobofailOr, maybe not.Click to expand…
dont just stand there, do something!
RobofailClick to expand…
#robofailTimParticipantStatus: AccountantPosts: 1822Joined: 09/18/2018
“Without admitting or denying the SEC’s findings, Wealthfront consented to the entry of the SEC’s order censuring it, requiring it to cease and desist from further violations, and imposing a $250,000 penalty.”
Wealthfront made out like a bandit and the IRS didn’t catch one! That’s a win-win-win-win! SEC, IRS, Acct holder.
From a financial standpoint, TLH for the volume of small loses is like clipping coupons. No one gets rich off of coupons. Activity trap.DCdocParticipantStatus: PhysicianPosts: 372Joined: 06/14/2016
That was me. A 90 page 1099. And I didn’t realize the complexity it would add to my taxes until March so I have at least 1 more similarly complex tax return. The TLH wasn’t even that big on a percentage level. So it was (literally) hundreds of transactions with TLH amounts under $5TimParticipantStatus: AccountantPosts: 1822Joined: 09/18/2018
A lot of data entry if I recall. All for $5 loss. That definitely Hall of Fame material.
Just don’t believe that day trading maximizes daily profits, add them up and it’s the absolute best you can do! Sounds good, except it’s not true. Closing doesn’t equal the opening. Rethink their allocations. You can do just as well or not. Good luck. How many hours did you spend?April 13, 2019 at 12:41 pm MST #206292