incorrect cost basis in capital gains report and tax center

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The transaction is a sale of a number of shares of a security. The sale uses the "specify lots" option to identify the exact shares that are sold.

In the transactions window the correct cost basis and long term capital gains are computed and reported.

But in the capital gains report and in the tax center year-to-date taxes an incorrect cost basis is used and the corresponding long term capital gains and the taxes due are computed incorrectly. The value of the per share cost basis is a mystery since that security never had that price/cost.

This is an internal consistency and calculation error in Quicken
Quicken Premier 2018 version 9.33 on Windows 10

Jim_Harman

US or Canadian version of Quicken? The current US version is R12.15

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Jim_Harman

Jim_Harman

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This reply was created from a merged topic originally titled Moving to merge.


In Quicken Premier 2018 on Windows 10 the realized gains are NOT included in the schedule D reports. Details of the capital gains distributions are, but of realized gains are not. Details are included in the Capital Gains report but those details are not consistent with the transaction.

Note: This conversation was created from a reply on: The Tax Schedule and Tax Summary reports do not include capital gains & losses..

Unknown

This reply was created from a merged topic originally titled Moving to merge.


There are two related problems. The second problem was discovered while investigating the first problem.
 1) the reporting of security sales in the transaction is correct but does not match the capital gains report (details) or the summary in the tax center. This the problem I posted separately.
2) when requesting the tax reports (to get details on capital gains) in the tax center, schedule D does include capital gain distributions details, but does not include realized gains details.
When verifying a single transaction on a single day in a taxable account the reporting in the transactions and in the capital gains report are different.

Note: This conversation was created from a reply on: The Tax Schedule and Tax Summary reports do not include capital gains & losses..

Jim_Harman

This reply was created from a merged topic originally titled Merging.


@MarcATL,

Here is what I am seeing:

-- The Investing > Investing Activity report has a Capital Gain/Loss (Realized) section. This report includes tax deferred accounts by default, so if you had sales in an IRA or 401k, those gains or losses are included. If I customize the report to exclude the tax deferred accounts, the numbers are consistent with the tax reports.

-- The Sched. D report includes the impact of any capital loss carryover, as it should, and by default only includes taxable accounts.

-- The Capital Gains report also only includes taxable accounts, and does not include the capital gains carry-over.

Note that you can double click on any of the numbers in these reports to see the details.

Do these situations explain what you are seeing? If not, please provide more detail on "not consistent with the transaction."

Also make sure you have resolved any Placeholders associated with securities you have sold, so that your tax lots and cost basis are correct.

Note: This conversation was created from a reply on: The Tax Schedule and Tax Summary reports do not include capital gains & losses..

Jim_Harman

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Jim_Harman

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Jim, none of these complications were present. Zero commission and no stock splits. Quicken computes the cost basis in a different way in the transaction and the capital gains. It also reports aggregate cost basis in the security detail view but I do not know of a practical way to check that number for a security/mutual fund with many buy and sell transactions.

Jim_Harman

q_lurker