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Quicken Classic for Windows
Investing (Windows)
"Lot Identification" vs. "Average Cost" Question
Margie
How do I get the sold investment transactions to default to "Lot Identification"?
Quicken asks the question on every sold transaction download.
It's annoying.
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Comments
jr7107
There should be a checkbox in the Security Detail view to "uncheck" of Use Average Cost.
Margie
Thank you for your response.
Unfortunately that toggle box does not appear for my securities.
I am using the latest Quicken Premier Release R 21.16, and have been using Quicken since 1993.
Doc3 (Small).jpg
jr7107
I misread the original post. For my tax purposes I use FIFO, and when I download purchases into Quicken (if there are multiple in a day) I am careful to make sure they go in chronologically. If there is only one per day then no issue.
On the sale (if a partial sale), then Quicken will prompt me to Identify Lots from which the sale is coming from, which I think is default behavior to ensure the Capital Gains/Loss report is correct.
That Average Cost toggle was for a CAD security, I noted that option is not available for USD securities.
Jim_Harman
In the US, the Use Average Cost option is only available for mutual funds.
Whenever there is a partial sale of a security where you hold more than one tax lot, Quicken needs to know which lot or lots to sell.
Unfortunately there is no way in Quicken to specify a default rule for which lot(s) to sell and thus you must specify this for each affected sale. Many users have complained about this and there is a product idea here
https://community.quicken.com/discussion/7296012/default-lot-identification-21-legacy-votes
that you can vote on to request this improvement. Go to the top of page 1 of the discussion and click on the little up arrow in the blue box to vote.
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