"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

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