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Short term gains should be long term gains

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This discussion was created from comments split from: Stock cost by lot.

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KlisterKid

I use Qkn2019 Premier. I inherited some stock from a deceased family member. When I sold that stock, Qkn could not apportion the shares FIFO so I got a lot of short term gains when I should have gotten long term gains. I am now checking all my sold transactions for this year to verify the correct handling.

KlisterKid

I also noticed about a week ago that as I was tracing that notorious -99,999,999 error that sales for a money market fund showed NO application of shares FIFO; every lot showed zero for shares sold from day one!

Tom Young

"Qkn could not apportion the shares FIFO "

I'm not sure what that means. If you used the "ADDED" action in the investment Account to get those shares into the Account and did that on a lot-by-lot basis then Quicken certainly should be able to deal with selecting lots. As a practical matter inherited shares are all considered long term no matter how long or short a time they were held by the decedent or by you. So there's really no need and no utility to having "lot" information.

If you did use the ADDED action to enter all the shares in one fell swoop you could have, if you wanted to, entered a "Date acquired' a year before the date of death and Quicken then would have listed all sales as long term. Quicken doesn't have a "wizard" for receiving shares by inheritance that conforms with the tax law, so you just have to work around it either by entering an incorrect Date acquired or simply remembering when you fill out your income tax return to make sure the sales are reported as long term.