"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.

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.

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.