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Fidelity's P&L statement grossly overstates the disallowed wash sale loss amount - The statement erroneously totals up each and every wash sale that occurs throughout the year.See: How wash sales affect me. That is just one reason why you should NEVER rely on broker provided P&L statements for your taxes. See: Why Form 1099-B is Inadequate.If you or your accountant used the Fidelity P&L statement to file your previous year's tax return, then you may have losses that were disallowed for last year and these losses may be attached to shares that you no longer own. There is no method in TradeLog to make such an adjustment to recoup these losses. You will need to consult a tax advisor or CPA that understands the wash sale rule who can assist you in the proper method of recouping these erroneous disallowed losses. You may or may not have to amend you previous year's tax return.
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Cusips - Fidelity occasionally replaces some stock trades and expired option trades older than one month with cusip numbers, rather than using the stock ticker symbol or option description. These cusip numbers must be changed in TradeLog to the appropriate stock ticker symbol (ie: DELL) or TradeLog option long format (ie: DELL 17DEC10 30 CALL) for all options.An easy way to identify what stock or option is represented by the cusip is to look up the trade on your monthly statement to see what you actually traded.
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Options traders - Fidelity uses stock descriptions when identifying options, and these must be changed to the underlying stock ticker symbol using the following function: Changing Stock Descriptions to Ticker Symbols(ie: CONTINENTAL AIRLS MAR10 50 CALL must be changed to CAL 19MAR20 50 CALL)This way TradeLog can properly calculate wash sales between CAL stock trades and CAL option trades.
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