Can a security be held as taxable and non-taxable

Art H

I have the same security held in 2 different accounts. One account is taxable and the other account is non-taxable. If I mark the security as taxable in the taxable account it also shows as taxable in the other non-taxable account. How can I make it taxable/non-taxable based on the account in which it's held

J_Mike

You can hold the same security in a taxable account and in a tax-deferred account (e.g., an IRA).

The tax status of the account determines whether income, gains or losses, etc. are currently taxable. Example - dividends in a taxable account are taxable and are reported in the tax reports. Dividends in a tax-deferred account are not reported in the tax reports as the account itself is excluded from the tax report. The dividend transactions in a taxable or tax-deferred account are exactly the same - again, it is the tax status of the account that dictates tax reporting.

There is a provision to mark a security as "Tax Free". This is intended for use with securities that are truly tax free such as municipal bonds. A tax free muni held in a taxable account is exempt from taxation.

Edit: - just notice that you are posting relative to Canadian version. Can't be totally sure - but think my reply (US) is applicable.

J_Mike

You can hold the same security in a taxable account and in a tax-deferred account (e.g., an IRA).

The tax status of the account determines whether income, gains or losses, etc. are currently taxable. Example - dividends in a taxable account are taxable and are reported in the tax reports. Dividends in a tax-deferred account are not reported in the tax reports as the account itself is excluded from the tax report. The dividend transactions in a taxable or tax-deferred account are exactly the same - again, it is the tax status of the account that dictates tax reporting.

There is a provision to mark a security as "Tax Free". This is intended for use with securities that are truly tax free such as municipal bonds. A tax free muni held in a taxable account is exempt from taxation.

Edit: - just notice that you are posting relative to Canadian version. Can't be totally sure - but think my reply (US) is applicable.

Art H

Thanks for the explanation. I have checked the account settings and looked at some of the tax reports. It appears to be working. I'll be double checking Quicken against the tax receipts i've received to make sure it all ties together.

NotACPA

Echoing J_Mike's response ... I own Wells Fargo & Co stock in both my taxable brokerage account and in a retirement brokerage account ... and the account attributes determine how sales/dividends/etc are handled.