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Expired Calls Show in Account Holdings

kendsills

I have many expired calls from years past that get reported in account holdings even when "show closed lots" is unchecked. Past investments in stocks is correctly NOT shown when show closed lots is unchecked. I want expired calls treated in the same manner.

I use Quicken Premier for Windows Subscription.

Thanks for any resolution.
Ken

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Accepted answers

Sherlock

I suggest you enter an appropriate CvrShrt or Sold transaction to close the position you opened.

All comments

Rocket J Squirrel

You must close the positions properly. If you open with a Buy, close with a Sell. If you open with a Short Sale, close with a Cover Short.

Sherlock

I suggest you enter an appropriate CvrShrt or Sold transaction to close the position you opened.

kendsills

Thanks for super fast reply. Very useful information.

When I sell a call, my broker Merrill Lynch (ML) correctly classifies the opening downloaded transaction as ShtSell.

If I later cover the short, ML classifies the closing transaction as Bought. So ML and Quicken are not communicating correctly? Who is at fault?

Only if the call expires worthless, is that transaction reported as Cvrshrt.

Ken

Rocket J Squirrel

ML is sending the wrong transaction type. You will have to manually change the Bought to a Cover Short.

Sherlock

kendsills said:

Thanks for super fast reply. Very useful information.

When I sell a call, my broker Merrill Lynch (ML) correctly classifies the opening downloaded transaction as ShtSell.

If I later cover the short, ML classifies the closing transaction as Bought. So ML and Quicken are not communicating correctly? Who is at fault?

Only if the call expires worthless, is that transaction reported as Cvrshrt.

Ken

The transaction you issue to cover a call is a Bought transaction. So ML and Quicken are communicating correctly in this case.

You should always close the ShrtSell with a CvrShrt. If you close the call early, use the price you paid. If the call is exercised or expires, use $0 for the price paid.

miklk

ML is sending it wrong. Even though a cover short is a bought, to get it to handled correctly, ML is supposed to send a cover short so they are at fault. You need to adjust the bought to cover short to keep it correct.