Track cost basis of collectibles

mdwpsyd
mdwpsyd Member ✭✭
edited July 2022 in Investing (Mac)
Collectibles are subject to capital gains tax. Consequently, it helps to keep track of the collectible's cost basis. What are good ways to do that in Quicken for Mac?

Here is how I'm doing it - please let me know if this method makes sense or if there is a better method.

Category: Other personal expenses > Collectibles
Tag: cost-basis
*Not marked as tax-related at time of purchase because I think that would make the end-of-year tax report confusing.

Thanks!

Mark

P.S. Helpful article:

Moskowitz, Dan. “How Collectibles Are Taxed.” Investopedia (4 May 2022). https://www.investopedia.com/articles/personal-finance/061715/how-are-collectibles-taxed.asp
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Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭
    If you can do that in Quicken Mac (compared to my Q Windows), treat each collectible as if it was a security (stock, bond, etc.).
    Create an offline investment account, "My Collectibles" or "Coin collection" or similar.
    In this account, for each collectible create a security of Type = Other or Collectibles
    Purchase, Sell and track value changes as if you were working with stocks, bonds, mutual funds, etc.
  • mdwpsyd
    mdwpsyd Member ✭✭
    Excellent! Thanks so much UKR. :)
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