How do I move (transfer) Cost Basis to a new brokerage (without doubling the # of shares)?

So I moved to a new brokerage, and have begun downloading the current assets and recent history. But the shares history, and therefore the actual Cost Basis of some most of my securities is not being picked up by Quicken from the new brokerage.

I know I can use "Shares transferred between accounts" and move everything over... but doesn't this leave me with twice as many shares in the new account? Example: I have 100 shares of Apple in the old account, and the new account already shows 100 shares of Apple. If I transfer from the old to the new (to get the Cost Basis correctly), would this also now show 200 shares instead of 100??

Thanks!!

Best Answer

  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    Accepted Answer
    Eli Sherer said:  I am thinking the second option is probably better... just want to be sure.
    Also if you have various Buys with different Lots & different cost basis - just to keep all the details straight

    Quicken Subscription - Windows 10

Answers

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    You have a double count because you have 2 different sources for the same data. "Shares Transferred" will preserve your cost basis. Importing from the new brokerage probably can't because the new brokerage probably doesn't know your basis.
    I would perform the Shares Transferred and delete the transactions initially downloaded from the new brokerage.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Eli Sherer
    Eli Sherer Member ✭✭
    edited June 15
    Are you saying to start with an empty account, transfer the shares and THEN add the login info for the new brokerage? Or just find all the shares that were transferred on the date the account started accepting shares, and then remove only those?

    So if all the transfers initially happened May 19th, delete all the "added" shares from that date, and then transfer shares from the old brokerage as of May 19th... which pretty much gets me everything at the same time, including Cost basis... and any dividends that paid since then remain in the new brokerage?

    I am thinking the second option is probably better... just want to be sure.
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    Accepted Answer
    Eli Sherer said:  I am thinking the second option is probably better... just want to be sure.
    Also if you have various Buys with different Lots & different cost basis - just to keep all the details straight

    Quicken Subscription - Windows 10
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