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Wash Sale Group ID Setting
This setting allows you to establish a Wash Sale Group ID for the account, allowing you to identify groups of accounts for the purpose of preventing wash sales.
Transactions for all accounts with the same Wash Sale Group ID are used when Tamarac Trading restricts wash sales. Typically, the same Wash Sale Group ID is assigned to multiple accounts in a group to avoid wash sales across accounts, including taxable and tax deferred accounts. Accounts in the same group are not considered part of a wash sale group unless they have all been set with the same Wash Sale Group ID.
You can enter any alphanumeric combination—for example, 123456 or Smith Family would be acceptable. Note that when uploading Wash Sale Group IDs in bulk, IDs cannot contain spaces.
The following account settings work in conjunction with the Wash Sale Group ID:
The Recent Sells and Recent Buys account settings allows you to manually add or adjust trades within a 31 day period, considered today plus the last 30 days, to prevent wash sale rules from being violated.
With the Allow Violation of Wash Sale Rule account setting enabled, a security appearing on this list will be blocked from a subsequent trade that would violate the wash sale rule.
When configuring the Wash Sale Group ID, be aware that:
During a directed trade, you can choose to either adhere to or ignore the wash sale rule.
When you completely liquidate a security, Tamarac Trading will not prevent you from selling the position due to a wash sale restriction.
This setting is ignored when using cash substitutes.
If you delete an order, Tamarac Trading will delete all associated recent trades for the same date and ticker for the account, which will affect wash sale monitoring.
For more information on using the Wash Sale Group ID, see Wash Sales.