Schedule D Capital Gains/Losses

ukari
ukari Member ✭✭
Nothing about investment sales is showing up in either category summary (income) and/or tax report schedule D. When is Quicken going to provide this? Or am I missing something?

Best Answer

  • MontanaKarl
    MontanaKarl Member, Windows Beta, Mac Beta Beta
    Accepted Answer
    ukari said:
    I give up. Thanks anyway. .... But that real question at this stage (again) I see *no* reports that summarize cap gains/loss as income (or loss) along with categories like wages, salary, dividends, interest. Is there? 
    Sorry for the frustration / issues with your file.

    Yes, as stated before, the report that you are looking for is the tax report and it reports all of those things.  It can be displayed by Tax Schedule/Form view (which I prefer) or by Category.

    Clearly there is something wrong with your Quicken data file.  Unfortunately, there's no error check / rebuild feature and no way for you to share your file for someone else to look at while maintaining your privacy.

    Only other idea I have is if your Categories are not set up properly.  Go to Window > Categories  and verify that there is a green checkmark in the Tax-related column for all categories that are supposed to be tax-related.  This may include categories that were imported from Windows, in case your file originated there in the past.  If any are missing the checkmark, double click to add it and add the correct tax form etc.

    If the checkmark IS there for some of the things missing in your Tax Report... then double click those categories and see if the tax form and tax line are properly set up.  All of these are correct with the "factory" defaults, but could have been changed via imports from Windows or manual editing.

    Quicken Windows and Mac subscription.  Quicken user since 1990.

Answers

  • MontanaKarl
    MontanaKarl Member, Windows Beta, Mac Beta Beta
    It's there for me in the tax report. Version 6.1.1 (Build 601.37924.100)

    Is your date range for the report picking up the sale dates?  Were the sales entered as "Sell" transaction type with the exact corresponding security?


    Quicken Windows and Mac subscription.  Quicken user since 1990.

  • ukari
    ukari Member ✭✭
    @MontanaKarl - My version is also Version 6.1.1 (Build 601.37924.100)
    Yes, sales dates are included in the "Tax Schedule Report", and they are entered as sell (otherwise it would make no sense). Worse, it is showing a whole bunch of junk numbers that have nothing to do with cap gains or losses. Someone said to look into portfolio - getting no idea there either. But that is really not the point. I can just looking at my brokerage statement for this. The point is to have all this in one page with other income like wages and dividends to get an idea. Right now Quicken cannot do this and it has been like this for over two decades with community asking for it.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    @ukari  Well, I'll agree with @MontanaKarl and disagree with your statement above. Quicken Mac can and does show capital gains/losses on the Tax Schedule report. So if you're not seeing that, we'd need to dig deeper into your data to find out why it's not showing for you but is for other Quick ken Mac users.

    This is probably obvious, but are the accounts in which you have gains/losses under Brokerage, as opposed to Retirement? Any account Quicken thinks is a retirement account will not show gains or loses on the report. Assuming these are not retirement accounts, I'd next wonder if you have a placeholder transaction(s) in your account(s), which means Quicken doesn't know the basis for your security holding; without the basis, it can't calculate the gain or loss when you sell. 

    It might be useful to make a copy of your data file for testing purposes. In one of your brokerage accounts, create a fake purchase of a new security, dated back in 2019. And enter a sell transaction in 2020 at a different price. Run the report and see if this simple pair of transactions generates a gain or loss on your report for 2020. (It should.)
    Quicken Mac Subscription • Quicken user since 1993
  • ukari
    ukari Member ✭✭
    @jacobs. Um, yes I did that and also removed the "retirement" characterizations on my accounts. No luck in getting anything to show cap gains. In any case, I don't care if it retirement or not. It is should show how much money I made or lost in *some* report. where is such a report?? We have been asking for it - there are so many threads. Also, even if it is in retirement, taxes will be owed some day, so need to keep track. Bottom line, why is it so difficult, if not impossible, to get Quicken to generate a one pager report of all income inclusive of gains and losses?
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    ukari said:
    Also, even if it is in retirement, taxes will be owed some day, so need to keep track. Bottom line, why is it so difficult, if not impossible, to get Quicken to generate a one pager report of all income inclusive of gains and losses?
    No, you don't need to keep track of capital gains in a retirement account, because all the money in the account is taxable income when you withdraw it. (Or if it's a Roth account, then none of it is taxable.) It doesn't matter whether the money was invested by you, reinvested dividends, gains from sales of securities -- you don't need to track that in a retirement account because it's irrelevant for tax purposes.

    To know how much money you made in a retirement account you can use the Portfolio, filtered by account or security, to show performance over several time periods, from YTD out 5 years. (I do wish they'll make dates customizable in the future, and of course, I hope they'll create a way to configure and save performance and other investment reports.)

    To track overall performance for a time period of your own choosing, you can set a starting date in the portfolio, export the results, set and ending date in the portfolio, export the results, and then in a spreadsheet bring those two sets of number together for whatever comparison/analysis you want. (Of course, it will be better if we could do this in an internal report in Quicken, and hopefully those types of investment reports will be added in the future -- I'm just noting that for these types of performance metrics most users look at fairly infrequently, there are ways to get them with a little work.)

    Quicken Mac Subscription • Quicken user since 1993
  • MontanaKarl
    MontanaKarl Member, Windows Beta, Mac Beta Beta
    edited March 13
    ukari said:
    Bottom line, why is it so difficult, if not impossible, to get Quicken to generate a one pager report of all income inclusive of gains and losses?
    It isn't difficult.  It is one click.  There is clearly something amiss in your data file.  When you say there are so many threads asking for this (a one click tax report) - are there any threads since version 6.1 that you can point to?

    If your accounts were 'retirement' (you said you removed the retirement characterization) at one point, then perhaps the issue is in how you recategorized those accounts.  As @jacobs stated, there is neither any tax impact nor any record keeping requirement for capital gains in retirement accounts.  Gross distributions are either taxable upon withdrawal, or not (Roth).

    Are the accounts in question of type "Brokerage" or "Trust" (possibly 'other') if you go into the Account Settings dialog?

    Quicken Windows and Mac subscription.  Quicken user since 1990.

  • ukari
    ukari Member ✭✭
    I give up. Thanks anyway. @jacobs on portfolio, if I am understanding correctly - and if a security has been completely sold it simply does not exist in any performance report. @MontanaKarl you are talking schedule D - one click no less - but all I see if junk numbers, nothing remotely like my transactions. Yes, some were retirement accounts and also regular brokerage - but nothing shows up, even when the accounts are changed. Nothing - just garbage. I understand Schedule D should exclude retirement. But that real question at this stage (again) I see *no* reports that summarize cap gains/loss as income (or loss) along with categories like wages, salary, dividends, interest. Is there? At the end of the day, I want to know how much money came in and went out by month, year etc. I could care less if it is in this account or that. Hopefully that is clear by now.
  • MontanaKarl
    MontanaKarl Member, Windows Beta, Mac Beta Beta
    Accepted Answer
    ukari said:
    I give up. Thanks anyway. .... But that real question at this stage (again) I see *no* reports that summarize cap gains/loss as income (or loss) along with categories like wages, salary, dividends, interest. Is there? 
    Sorry for the frustration / issues with your file.

    Yes, as stated before, the report that you are looking for is the tax report and it reports all of those things.  It can be displayed by Tax Schedule/Form view (which I prefer) or by Category.

    Clearly there is something wrong with your Quicken data file.  Unfortunately, there's no error check / rebuild feature and no way for you to share your file for someone else to look at while maintaining your privacy.

    Only other idea I have is if your Categories are not set up properly.  Go to Window > Categories  and verify that there is a green checkmark in the Tax-related column for all categories that are supposed to be tax-related.  This may include categories that were imported from Windows, in case your file originated there in the past.  If any are missing the checkmark, double click to add it and add the correct tax form etc.

    If the checkmark IS there for some of the things missing in your Tax Report... then double click those categories and see if the tax form and tax line are properly set up.  All of these are correct with the "factory" defaults, but could have been changed via imports from Windows or manual editing.

    Quicken Windows and Mac subscription.  Quicken user since 1990.

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