Updating the "cost basis" for a security

Marc Dupont
Marc Dupont Member ✭✭
edited December 2018 in Investing (Windows)

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  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited November 2018
    QWin Premier subscription
  • Unknown
    Unknown Member
    edited November 2018
    The cost basis calculations in Quicken often do not match those on the statements of financial institutions. If the past transactions of a particular security are simple (e.g. just a buy and some dividends), I recommend verifying and fixing the prices in all of those transactions. However, if there are many or complicated transactions for this security, then most likely you will never get the cost basis to match with the cost basis on the statement. The cost basis is used in tax calculations. In the USA the tax payer is responsible for providing the cost basis of non-covered securities. In this case the financial institution will not provide this information. So if the security is a covered security then you can rely on the statements and tax statements of the financial institution. If the security is non-covered, you may want to spend the extra effort to correct the records in Quicken.
  • Marc Dupont
    Marc Dupont Member ✭✭
    edited December 2018
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