Investing Lots Issue

A6mD8d

Just did the latest update to Quicken 2019 and found the investing lots for at least one account are messed up. I tried rebuilding the lots and then restoring from a few different backups and the problem is still there. When going into "Specify Lots", I noticed the order of the lots is backwards now. The newest lots are at the top.

q_lurker

I saw a similar question yesterday.  How do you have the transactions list sorted: Newest at the top or the bottom?  Does changing that (click the Date header) change the "Specify Lot" order? 

A6mD8d

Nope, it does not change the order. Thank God I did up a Cap Gains/Losses report before the upgrade! Every sale has the lots ordered from newest to oldest-the opposite of before the upgrade. My testing has shown that lots are no longer assigned correctly. For example, if one clicks "First In", sometimes it does not pull from the oldest lot but the next one newer. I also see lots supposedly bought and sold the same day which is incorrect. I would not say lots are chosen at random but in general I would say that lots are more often than not assigned in reverse order. Bottom line-lot assignments and related Cap Gains reports were fine until the latest upgrade. Not happy at all with this!!! I have one account that I really need to have correct tax info. The others I can live without accurate lot tracking because I depend on the Brokerage for that info, however for the subscription price I should not only have accuracy for all accounts but it would be nice if Quicken could deal with wash sales as well!

markus1957

I can confirm that I see the issue as it pertains to average cost basis mutual funds where Quicken is automatically depleting last in shares which causes incorrect short-term gain status.

I also see the descending date order in the lot selection window for Sell transactions of lot basis holdings whereas I recall it used to be displayed in ascending date order. I'll need to double-check, but to date it looks like my First In strategy clicks are being honored correctly.

When I look at the Investing Tab, Portfolio, Value view, it appears my active lots shown are correct in that the older lots are shown depleted based on First In sells. That makes me wonder whether this is more of a query/report issue rather than the actual lot tables getting corrupted with incorrectly closed lots. @A6mD8d could you confirm that?

So far, the Tax Planner Cap Gains screen, Cap Gains Report and Schedule D tax report are affected; there are likely more.

Unfortunately Quicken seems to be more concerned with this new website migration than with the prospect they may be unleashing a corrupting upgrade that is distorting Cap Gains calculations just as we enter the tax filing season when accurate gains reports are most needed.

A6mD8d

Just verified the cost basis on lots from two different buys. The PRE-UPGRADE

Transaction and Cap Gains reports are accurate while the current reports greatly inflate the cost basis.

A6mD8d

All I know is that the ONLY thing that could have caused this problem for me was the upgrade since I generated correct reports right before doing the upgrade (Thank God!) and afterwards noticing the errors in the capital gains reports where cost basis was inflated, transaction history (Security Detail View) not matching the account register chronologically and the lots order in Select Lots being backwards (Newest lots at the top). Using a backup copy of the data file from before the upgrade and rebuilding lots made no difference. I don't appreciate this happening right before tax season starts!!! Quicken had better be careful since any repercussions suffered by taxpayers due to this issue may end up being a legal issue for them.

A6mD8d

I was reminded that it is the sole responsibility of the user from a legal standpoint to ensure accurate financial info be submitted to the appropriate authorities and not to rely on a tool like Quicken.

A6mD8d

Before I call Premium Support, I will put this out first here:

I am using Quicken Premier Subscription. After upgrading to Version R18.14 Build 27.1.18.14 I have the following issues: 1. The order of available investment lots has reversed with newest first. 2. Cost basis in Capital Gains reports is higher than before. 3. In Security Detail View, the transaction history no longer matches the account ledger chronologically. As far as I can determine, the tax lots themselves have been preserved but they are being applied incorrectly. Using a backup copy of the data file from before the upgrade and rebuilding lots made no difference. I also tried downloading and installing the Mondo upgrade which also had no effect. In one test, I tried to assign a lot using First In strategy and it did  not pick the oldest available lot but the next oldest one. I also saw a number of entries in a Capital Gains report having buy and sell dates the same which was clearly wrong. Before the upgrade all reports were accurate using the same tax lot and transaction data as now and as compared to information provided by the original data sources.

Sherlock

I suggest you perform a clean uninstall, install and update to R17.5 while disconnected from the internet (to prevent Quicken from automatically updating).  If you haven’t already, you may want to review: https://www.quicken.com/support/using-qcleanui-uninstall-quicken. To update Quicken, download and apply the Release 17.5 Mondo from: http://www.quicknperlwiz.com/quickenpatches.html

A6mD8d

Sherlock, you rock! As I suspected, going back to a previous version solved the problems. Thanks! Please take note Quicken! Version R18.14 has issues!

A6mD8d

Kudos to "Sherlock" for his help! Going back to a previous version solved the problems. Please take note Quicken! Version R18.14 has issues!

miklk

Just for info:

I use Specific Lots
Sold part of a mutual fund

Noticed the Sort order being backwards to what it always used to be with Newest Lots on Top now as opposed to the Oldest on top as always used to be.

However, it seemed to select and report the correct lots and gains in my situation with Specify Lots (I never use average cost)

Confusing change but works OK in my situation

markus1957

@miklk - actually you will find if you let Quicken use the default FIFO rather than clicking the FIFO button, it would choose the most recently purchased lots in Cap Gains reports and tax planner. In a bizarre twist, the active lots shown in Investing tab, Portfolio, Value view would be correct.

You can test it in the lot selection window of the sale transaction by clicking reset lots, OK, acknowledge default FIFO window and look at cap gains report. Note the bought date lot is different than when you force the FIFO selection. 

markus1957

R18.15 now in staged release corrects the error.