How to enter in securities that have been donated

Unknown
Unknown Member
edited October 2018 in Investing (Windows)
I have donated a few securities this Dec 2016 and need to know how to remove them from Quicken in a way that won't change cost basis or screw up accounting. A few of the shares I own multiple times, and another of the securities I sold some earlier in the year and then donated the rest. Please help!! Thanks

Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    Which Q product?   Which product year?  What release? What operating system?

    And, to donate securities to a charity, the 1st thing that you want to do is to change the Cost Basis ... so that you don't show Cap Gains when you remove those securities.  But, we'll discuss that when you answer my questions.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited January 2017
    I use Quicken 2015 Home & Business, not sure about the release and I am using a PC
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited May 2018
    My procedure is outlined in this discussion and elsewhere:
    https://getsatisfaction.com/quickencommunity/topics/how-do-i-record-a-charitable-contribution-in-an-...

    My pattern in QW has been to:
    1) Remove Shares
    2) Add Shares - Original Acquisition date, current transaction date, current FM value
    3) Sell Shares - current date, current FM value -- Cash into account, no capital gains
    4) Misc Expense transaction to spend cash from investment account with category as applicable contribution, memo accordingly
  • Unknown
    Unknown Member
    edited May 2018
    But what if we have the same security in more than 1 brokerage account and we bought them at different prices? 
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited January 2017
    jacqui said:

    But what if we have the same security in more than 1 brokerage account and we bought them at different prices? 

    You are doing these transactions in the account from which you made the donation.  First, in the Remove Shares transaction, you can specify the particular shares  donated (from which specified lot).  (The cheapest lot gives you the best tax break.)  Then for the Add Shares, I specify the same acquisition date as the removed shares, though that is not rigorously needed, since you immediately sell those share for the same current value and no capital gains are generated.  

    The fact that you own shares in other accounts is effectively immaterial.  They remain in those other accounts untouched.
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