Transferred IRA to new brokerage. Now no Cost Basis shows on downloads from the new brokerage

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Dan Beck
Dan Beck Member ✭✭
edited August 2022 in Investing (Windows)
Previously downloading from Schwab and cost basis showed. Now downloading from TD American and the cost info is present in the new account, but is now gone from my Quicken portfolio

Answers

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
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    In what fashion is "the cost info is present in the new account"?

    In my opinion, there are two solid ways to 'transfer' an account:
    1)  If possible, kill the online connection to the old account (Schwab).  Change the account description as applicable.  Make the online connection for the new account (TDA) point to that 'old' account.  Delete the unnecessary downloaded transactions from the brokerage.

    2)  If 1 is not possible or desired -- Create the new account.  Use a Shares Transferred between Accounts to move holdings from old (Schwab) to new (TDA.  Use a separate transaction to transfer cash.  Sell and buy any securities if applicable (like a MM fund changeover). 

    I would not rely on the downloads from the brokerages to get it right.  
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
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    One has to understand to get the cost basis right you have to put in the whole transaction history with all the buys and sells, something that you aren't going to get from downloading from your new broker.

    In theory maybe they could send "add shares" with the right cost basis, but I'm not even sure that is possible let alone that any broker would even send it correctly.

    @q_lurker's suggestions are the best way to go.
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  • Dan Beck
    Dan Beck Member ✭✭
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    Thanks for the insight.
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