Key insights
- An individual investor is reporting discrepancies in Schwab tax lot information, specifically regarding wash sale adjustments and transaction dates that do not align with their trading history. This could indicate potential issues with cost basis tracking or wash sale calculations within Schwab's system, potentially leading to incorrect tax reporting for investors. The impact on the broader US equity market is negligible, but it highlights the importance of accurate brokerage reporting.
I'm looking at my tax lots in my schwab account for a number of positions where it's showing that I'm in the "long term capital gains" bracket but there is also a disallowed loss/wash sale that's included where the date doesn't align with anything in my transaction history.
For example the one line shows for Transaction Open Date:
03/10/2025^(1)
04/21/2025
*(*1. Wash Sale activity has adjusted this cost.)
Cost Basis:
$87,713.41
$73,459.90
Holding Period:
Long Term
Disallowed Loss $14,253.51
But here's the issue, in my transaction history I can see the 4/21 purchase, but I have no transactions of any kind in early March. Buys/sells/dividends etc. Nothing. I was expecting to see a purchase on March 10th. Where does the March 10 date come from?