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How do I fudge the cost basis?

JLM2019

Many securities in my portfolio have an incorrect cost basis and therefore an incorrect capital gain. Errors have accumulated over a 10-15 year period. It would take me weeks to go back and replace all the placeholders with actual transaction data.

What's the quickest way to fudge the data so that the portfolio report matches the (presumably correct) broker cost basis. I don't want to start a new qdf file since I want to keep the transacation data I have, warts and all. I don't use Quicken for tax info so that's not a concern. I just want the portfolio report to reflect the broker's basis.

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Comments

splasher

To properly differentiate between short and long term gains changes, you could look back in your financial institution's records for the basis a year ago and then change a placeholder from before a year ago and make its basis make the basis correct up until that time.

Then do the same thing with the current basis changing a newer placeholder.

If you keep everything correct from here on out, then a year from now all of these adjustments will be in the long term and your numbers will be correct.

You can not let Quicken run on autopilot, it can not do everything 100% correctly, it requires routine attention.

q_lurker

JLM2019 …
I just want the portfolio report to reflect the broker's basis.

You can certainly remove all shares and then Add Shares as needed to suit your particular wants.

A) You could enter one Add Shares with the entire holding, its entire basis, and a chosen (most recent) acquisition date.

B ) You could enter two Add Shares reflecting the current short term data and the current long term data.

C) You could enter one Add Share per lot of the holding using that lot’s correct basis and acquisition dates.

Paths A and B open the door wider to having differences in the future between Quicken and the brokerage. Path C may avoid such differences if you are thorough in matching in Quicken the sold shares with the brokerage selection of sold shares.

JLM2019

Thanks guys. I suddenly got busy with other stuff but your suggestions have given me some ideas to work on when time permits.