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Brokerage Uses Avg Cost for Mutual Funds. If I do so, cost basis is wrong, so gains and losses don't
My records are meticulous, it's just that average cost in Quicken doesn't agree with Ameritrade's average cost. Average cost should be average cost, right? So even though my cost basis is correct based on the actual purchase price, it's wrong if average cost is used. Sometimes it's off a few dollars, sometimes it's several thousand dollars. Oddly, it's not always wrong, but it's wrong more than it's right. I have fixed this for years by deselecting average cost and artificially selecting lots to get the gain or loss amount to agree with the 1099. I try to keep the lot selection as close to the actual lots sold on the 1099. But is there a correct way to do this? Obviously, at some point, I'm going to run into trouble when the remaining lots of a fund just don't agree with the gain or loss total I need to get. I would get through the taxes a lot faster if this just worked the way it should. I've asked Ameritrade if they would go back to FIFO, but they won't. I'm using Quicken 2016 Premier. Thanks in advance for your help.
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