Shares of stock not removed when acquired by another company

midwestjim7

My Vectren stock VVC was purchased by CenterPoint Energy.  Quicken added the cash to my Schwab account, but did not removed the Vectren shares.  Quicken will NOT let me manually remove the VVC shares.  What do I do?     

q_lurker

What you tried to do was "Delete" the security.  That is different than removing the shares of the security from an account.

To remove the shares of the security from an account,

1. get into the transaction list for the account,
2. choose Remove Shares, and 
3. fill in the form.

It is semantics, but Quicken did not add the shares of CenterPoint; Schwab did that in their download of info to your Quicken.  Likewise, it would be likely be Schwab that failed to tell Quicken that the VVC shares were 'Removed'.  

Generally in such circumstances, I try to get the transactions right from the tax perspective.  That may involve either a Remove Shares / Add Shares pairing or a Sell Shares / Buy Shares pairing.  I do not rely on the brokerage to get it right with their Quicken download.  I have not looked at the VVC-Centerpoint deal to see what actually took place in the real world.

Edit/PS: A particular point to look at is whether the CenterPoint shares Added have the correct acquisition date and cost basis.

mshiggins

What happens when you try to remove VVC, do you get an error message?

midwestjim7

When I download my Schwab investment account transactions, the revenue for the stock was added, but the shares were not removed.  When I tried to manually remove the VVC security, Quicken would not allow the deletion because " you have used this security in one or more transactions".  It DID allow me to change the price from $72.00 per share to $0.00, but VVC still shows up.

q_lurker

What you tried to do was "Delete" the security.  That is different than removing the shares of the security from an account.

To remove the shares of the security from an account,

1. get into the transaction list for the account,
2. choose Remove Shares, and 
3. fill in the form.

It is semantics, but Quicken did not add the shares of CenterPoint; Schwab did that in their download of info to your Quicken.  Likewise, it would be likely be Schwab that failed to tell Quicken that the VVC shares were 'Removed'.  

Generally in such circumstances, I try to get the transactions right from the tax perspective.  That may involve either a Remove Shares / Add Shares pairing or a Sell Shares / Buy Shares pairing.  I do not rely on the brokerage to get it right with their Quicken download.  I have not looked at the VVC-Centerpoint deal to see what actually took place in the real world.

Edit/PS: A particular point to look at is whether the CenterPoint shares Added have the correct acquisition date and cost basis.

midwestjim7

Thanks Mr. Lurker - this helps a LOT.  Remove and Delete are different but this old brain forgot that!  THANKS !!!!