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Incorrect Capital Gain Tax Report

Mike16
Mike16 Member ✭✭
edited July 2019 in Investing (Windows)
Quicken Premier 2017 for Windows.  Data for Capital Gain Tax Report is not correct. 150 mins of chat with Quicken support on 11/7/17 didn't resolve the problem. I waited over 180 minutes to try again for chat with Quicken support (22 minute wait time posted) and gave up.  What others options do I have for Quicken support?  Whatever they offer doesn't seem to be customer support.

Comments

  • K.O. (Win-Premier)
    K.O. (Win-Premier) SuperUser ✭✭✭✭✭
    edited December 2018
    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?
  • Mike16
    Mike16 Member ✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    Thank you!! For me - there are two trades - both done on a single day and long term - yet, Quicken has one as three trades, short and long term - and - for the other the cost basis is not correct. Manual efforts to resolved have not been successful. File repair, delete and re-add Quicken, and additional steps have not helped. Suggestions? And - thank you!
  • K.O. (Win-Premier)
    K.O. (Win-Premier) SuperUser ✭✭✭✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    I'm not familiar with any bugs in the Cap Gains report relating to what you are experiencing.  The Cap Gains report doesn't do any fancy manipulation around dates except in the case of short sales.  For long transactions it just looks at the close data and open dates for the related lots and produces a report.

    Sounds like this security has been traded multiple times over the years and your lots are messed up (meaning the opening lots were not correctly identified for prior closing trades) and thus when you did your most recent closing transaction Q tied the closing trade to multiple open lots that is different than what you expect or what you are comparing it to at your brokerage.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    Unless you specify the EXACT tax lots, to you broker, for the sale, they'll usually use FIFO.

    Is that what you selected?
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Mike16
    Mike16 Member ✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    Sorry - not the case with either of these stocks.  Long term hold - one purchase of each.  I wish the answer was that easy!!
  • Unknown
    Unknown Member
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    They weren't Mutual funds - were they?
  • Mike16
    Mike16 Member ✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    Nope - two individual stocks traded on the NYSE
  • K.O. (Win-Premier)
    K.O. (Win-Premier) SuperUser ✭✭✭✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    If you go back and look at the closing transaction in question and edit it and then look at what lots were selected does that tie to the Cap Gains report?
  • Unknown
    Unknown Member
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    On a sale (or purchase) It is common for there to be multiple (2 or 3) trades.  Reason:
    Suppose you bought 200 shares of "X".  The broker may trade for the best price on say 90 shares, then fill the trade at a slightly different price.  This often shows up as multiple  trades in Quicken.
  • Mike16
    Mike16 Member ✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    There was only one lot to make the sale from which is how the transaction was recorded in Quicken - however - the Capital Gains report doesn't see it that way. Hence the problem.  Only one trade was used to acquire both stocks - as seen in Quicken and in Charles Schwab.  I do so appreciate your ideas!  Thank YOU!!
  • jr7107
    jr7107 SuperUser ✭✭✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    Troubleshooting idea. Create the cap gain report and eliminate everything except for that security and account to try and isolate the realized gain/loss. Then drill down into the report and double check prices and quantities. Probably nothing to see there but a few things to look at. A plain vanilla buy/sell usually plays nice.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • Mike16
    Mike16 Member ✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    Thank you for your troubleshooting idea.  Sadly, I already tried it.  Darn!!!
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited May 2018
    In this case from what you have already tried, I would now be deleting and re-entering both sides of the trade - delete the sale, delete the Buy, re-enter the Buy, re-enter the sale.  

    By any chance in Quicken have you had previous dealings with these two securities?  If so, it is possible that a prior sale may also need to be deleted and re-entered.  That is, the core issue may be related to those prior holdings, even though they are now closed out (or should be closed out).  

    I have seen this type of thing happen maybe every 5 years or so.  It seems to be a form of data corruption.  It may be related to transaction entry, computer crashes, program upgrades, or some other unknown cause.   
  • jr7107
    jr7107 SuperUser ✭✭✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    Yes, you also could hammer it with account recalc. But I like the delete and recreate first. Simple first, complicated later.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • Mike16
    Mike16 Member ✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    You called it - THANK YOU!!!  Yes - I deleted the transaction.  Re-entered it. And that resolved the problem.  YEAH!!!  Thanks so very much!!
  • Mike16
    Mike16 Member ✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    How do I update this as RESOLVED?
  • jr7107
    jr7107 SuperUser ✭✭✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    If Lurker changes it to a response from comment and you accept the solution.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • Mike16
    Mike16 Member ✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    Thanks for your continued help!
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    @jr7107:  that doesn't work on the get-satisfaction system.  Mods need to make that kind of change - and mods also need to mark it "solved".
  • jr7107
    jr7107 SuperUser ✭✭✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    Good to know, I've been out of the loop for a while. I think this is my 5th Quicken community platform. Maybe 6th.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • Mike16
    Mike16 Member ✭✭
    edited November 2017

    Sorry Mike.  I personally know of many problems w/ the Capital Gains reports.  What problem are you seeing?

    I am thankful and helpful for the support, tips, ideas and suggestions - and - finally for the solution!  THANKS!
  • Mike16
    Mike16 Member ✭✭
    edited November 2017
    q.lurker said:

    In this case from what you have already tried, I would now be deleting and re-entering both sides of the trade - delete the sale, delete the Buy, re-enter the Buy, re-enter the sale.  

    By any chance in Quicken have you had previous dealings with these two securities?  If so, it is possible that a prior sale may also need to be deleted and re-entered.  That is, the core issue may be related to those prior holdings, even though they are now closed out (or should be closed out).  

    I have seen this type of thing happen maybe every 5 years or so.  It seems to be a form of data corruption.  It may be related to transaction entry, computer crashes, program upgrades, or some other unknown cause.   

    SOLVED
This discussion has been closed.