"remove shares" function treats transaction as sale at zero. --> capital loss

Unknown

In QM18 Why do I get a realized loss equal to the purchase price when I run a report after removing shares?  I can't fix this by calling it a sale at cost because that changes my cash position.

Quicken_Tyka

Hey Stephen,

What report are you running that is reflecting incorrectly?

What is the ticker symbol and the number of shares so I can recreate this on my end?

Let me know!

-Quicken Tyka

Unknown

If I do  Category summary I always get zero in the realized gains section.  So to see capital gains I have to look in Tax Schedule (even if not a taxable account)

So here is a screen shot of part of my tax schedule where I removed PEP and DIA during the year.  It use a sale price of zero and creates a huge loss

Unknown

Could I suggest that Quicken sets up this community help page more efficiently.  I have a problem in QM18 but a search brings up questions asked 2 years ago in Windows.  There should be a requirement to specify the exact  Version, and then the output should be chronological starting at most recent date. I sometimes have to look at hundreds of responses that are not at all relevant.

Najmi

I think this is one half of a similar problem that has been reviewed here and, I understand, is on the development team's to-do list. Transferring shares from one acct to another results in shares removed from one account and being added to the other acct. The remove shares are treated as sales @ zero cost resulting in incorrect capital gains/loss reporting, as you have observed. The add shares loses all history, including cost basis, etc., resulting in incorrect IRR and other related issues. I believe there is a feature request to handle this correctly that you can vote on?

Unknown

Najmi said:

I think this is one half of a similar problem that has been reviewed here and, I understand, is on the development team's to-do list. Transferring shares from one acct to another results in shares removed from one account and being added to the other acct. The remove shares are treated as sales @ zero cost resulting in incorrect capital gains/loss reporting, as you have observed. The add shares loses all history, including cost basis, etc., resulting in incorrect IRR and other related issues. I believe there is a feature request to handle this correctly that you can vote on?

Still happening - I had to do workaround last time and hoped it was fixed by now. Just saw that it wasn't.  

Unknown

Najmi said:

I think this is one half of a similar problem that has been reviewed here and, I understand, is on the development team's to-do list. Transferring shares from one acct to another results in shares removed from one account and being added to the other acct. The remove shares are treated as sales @ zero cost resulting in incorrect capital gains/loss reporting, as you have observed. The add shares loses all history, including cost basis, etc., resulting in incorrect IRR and other related issues. I believe there is a feature request to handle this correctly that you can vote on?

There is so much discussion on this site about what new features are needed. I strongly feel that abject errors, like this one or like mixing different currencies as if they are the same should be fixed first.

smayer97

Najmi said:

I think this is one half of a similar problem that has been reviewed here and, I understand, is on the development team's to-do list. Transferring shares from one acct to another results in shares removed from one account and being added to the other acct. The remove shares are treated as sales @ zero cost resulting in incorrect capital gains/loss reporting, as you have observed. The add shares loses all history, including cost basis, etc., resulting in incorrect IRR and other related issues. I believe there is a feature request to handle this correctly that you can vote on?

Note that "fixing" mixed currencies is a feature request as it is not broken...just poor design. You can add your VOTE to Add true multi-currency conversion support.

First, click on the underlined link above to go there, then click VOTE at the top of THAT page, so your will vote count for THIS feature and increase its visibility to the developers by seeking to have the features you need or desire end up in the latest version.

While you are at it, you may want to add your VOTE to related IDEAS found on the List of Requests for Report Related Features and the List of Requests Related to Investments. Click on the underlined link, then follow the instructions to add your vote to more related ideas. Your VOTES matter!

(If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)

Unknown

Najmi said:

I think this is one half of a similar problem that has been reviewed here and, I understand, is on the development team's to-do list. Transferring shares from one acct to another results in shares removed from one account and being added to the other acct. The remove shares are treated as sales @ zero cost resulting in incorrect capital gains/loss reporting, as you have observed. The add shares loses all history, including cost basis, etc., resulting in incorrect IRR and other related issues. I believe there is a feature request to handle this correctly that you can vote on?

I respectfully disagree. if I run a report and get the wrong/random totals ( because no distinction is made between Canadian and American funds) that cannot stand. It is just plain incorrect. Even if because of bad design not bad coding.

smayer97

Najmi said:

I think this is one half of a similar problem that has been reviewed here and, I understand, is on the development team's to-do list. Transferring shares from one acct to another results in shares removed from one account and being added to the other acct. The remove shares are treated as sales @ zero cost resulting in incorrect capital gains/loss reporting, as you have observed. The add shares loses all history, including cost basis, etc., resulting in incorrect IRR and other related issues. I believe there is a feature request to handle this correctly that you can vote on?

I agree it is incorrect. However we may choose to define it, as it stands, there is the link above to track the demand to deal with this.

(If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)