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Expired Calls Show in Account Holdings

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

Best Answer

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    I suggest you enter an appropriate CvrShrt or Sold transaction to close the position you opened

Answers

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    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.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    I suggest you enter an appropriate CvrShrt or Sold transaction to close the position you opened
  • 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
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    edited December 2020
    ML is sending the wrong transaction type. You will have to manually change the Bought to a Cover Short.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited December 2020
    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
    miklk SuperUser, Windows Beta Beta
    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. 
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