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bizcardnut
I recently entered a Corporate Spin-off transaction into quicken and forgot to check the box to indicate it was a taxable transaction. Anyone know how I can edit that transaction since the transaction does not show up as a separate transaction in the register.
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Sherlock
As I recall, the
Corporation Spin-off
wizard in Quicken 2015 would introduce
RtrnCap
action transactions for the original lots and
Bought
action transactions for new holdings. You should be able to locate and delete these transactions and re-enter the spin-off.
Before making significant changes to the Quicken file, always save a backup: press
Ctrl + B
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Sherlock
Please provide the version of Quicken being used: select
Help > About Quicken
bizcardnut
I am using Quicken 2015.
Sherlock
As I recall, the
Corporation Spin-off
wizard in Quicken 2015 would introduce
RtrnCap
action transactions for the original lots and
Bought
action transactions for new holdings. You should be able to locate and delete these transactions and re-enter the spin-off.
Before making significant changes to the Quicken file, always save a backup: press
Ctrl + B
bizcardnut
Thanks Sherlock. That worked. Appreciate the help.
q_lurker
I agree regarding the actions
@Sherlock
cited. There may be a consistent memo entry for all the applicable transactions. Something like "Non-taxable spinoff on 01/02/20". You may be able to search using the memo field with the right keywords. Only the two securities involved will need to be reviewed.
Taxable spinoffs are rather rare in my experience. Are you sure? Care to share the names of the securities? I am not sure I would trust Quicken's operation with the 'taxable' box checked. Check the results closely.
q_lurker
PS: The newer Quicken suggests for a taxable spinoff
1. MiscInc transaction for $-value of spinoff shares
2. Add Shares
That too is 'wrong' in my opinion.
1. Could be a Dividend or MiscInc transaction depending on the structure of the deal. For the MiscInc, a 'suitable' category would be needed subject to a correct tax-line assignment
2. Would need to be a Buy Shares to use up the cash generated in transaction 1.
Properly configured, I think those would work for QW2015 as well.
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