Investment Account - Curency Capital Gain

k211

Hi,

I inputed all my data in quicken and just noticed im not seeing any Capital Gains/Loss on cash i held on my US investment accounts (USD Currency selected).

To further calirify, I have an investment margin account that allows me to hold curency in Canadian or US side to buy stocks. So when the money is invested in stocks, it takes that factor into account and calcualtes capital gain once the shares are sold. But then if the cash prooceeds sit on the US side it would be subjected to capital gains/loss once its either used to buy stocks or transfered back to Canadian. I would think that this is a basic tax need from a tax software, am i missing something here?

So i have created two accounts in Quicken, one for the Canadian and one for the US side curency.

Thanks in advance for your help.

q_lurker

Yes, each account can have only one currency assigned to it.  So you do need one account for C$ transactions and a different account for US$ transactions.  

I am not qualified to comment on cap-gain taxation due to currency trading.

Quicken Francisco

Hello @k211

Thank you for reaching out on the community and telling us about your issue. I do apologize for the issue you're having. In this case I believe it would be best to get a couple of screenshots would help us be able to figure out exactly what is happening. I'll leave an article down below on how to do so.

https://community.quicken.com/discussion/7867159/faq-how-do-i-post-a-screenshot-in-the-community-from-windows#latest

Note: you may need to drag the photos into the response box to add them. 

Once you get a chance let us know more and we'll see what we can do. 

Thanks,

Quicken Francisco

Chris_QPW

k211 said:

I would think that this is a basic tax need from a tax software, am i missing something here?

Quicken isn't a tax program.  It does "gather tax information", and in the case of the "Tax Planner", and Lifetime planner it makes a "rough calculation" using some tax information, but it certainly isn't a tax program.  And if I'm not mistaken the Canadian version does even have the Tax Planner line the US version has.

Based almost entirely on you "Curency Capital Gain" title and because you are talk about moving cash between two accounts with different currencies, I'm guessing what you need to track is how much you gained or lost in this "trade".  Quicken doesn't have any features to track currency trading.

k211

Thank you all for your comments.

Regarding not being a tax program, I should have been clearer. Its an accounting software that is in input to Taxes. Hence, having a Tax Report section.

I would hope it’s something they could add, so as to give a true Capital Gains/Loss Value. This is something that any Self Direct Investing cash or margin investor will need, even if they are not truly trading Forex. In Canada any foreign currency gain totaling more than $200 has to be reported. It doesn’t matter if it was done for pure forex trading or buying US stocks (non-registered margin and cash accounts)

The capability is there since you’re already inputting an exchange rate. I would think it would be a very simple code update. Back to MS excel for me until they are able to fix this, doesn’t make sense to have to do both.