Bought NGA SPAC, but sold it under new symbol LEV. NGA shows a loss and LEV shows a gain.

Question

How do I fix to show net gain or loss as one line item in Realized Gains? This is happening with all the SPACs I bought that eventually went through a merger.

q_lurker · Answer

OR, if you are not too picky and sold it quickly after the 'merger', simply sell the SPAC and 'overlook' the merger.  All depends on how you want to see and present things.  Since you mention "all the SPACs", I suggest you learn how to do it 'right'.

See this discussion: https://community.quicken.com/discussion/7889256/conversion-of-spac-to-another-stock

Tom Young · Answer

"This is happening with all the SPACs I bought that eventually went through a merger. "You need to put in the work within Quicken to properly recognize that one security magically transformed into a different security, and it's this "new" security that you sold."Corporate actions" of this sort are rarely handled correctly by brokers and Quicken (the program) is completely at the mercy of whatever the broker handling the account sends down to it, (assuming the Quicken Account is set up for downloading transactions.)
As @NotACPA intimated, the most logical Quicken action is "Corporate Acquisition (stock for stock)" but the onus is on you to understand what really happened here and do the correct accounting.

NotACPA · Answer

Did you ever record, in Q, those mergers of the "Special Purpose Acquisition Corp" shares?