How to create Lot information into Quicken?

LouKur
LouKur Member ✭✭
edited April 2023 in Investing (Windows)

How to create Lot information into Quicken?

I inherited some stock, Mutual Fund and ETF shares. The Private Bank transferred to Vanguard without Lot information. After weeks of back and forth, I finally got the lot information. Vanguard entered it by hand. I have the information in a spreadsheet. I can't figure out how to enter in Quicken. That is, I need to add lots to my Quiken holdings when the original setup did not have lot-level information.

Comments

  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭

    How many lots do you need to enter?

    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the Quicken Windows FAQ list

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭

    Assuming you inherited all the securities in one fell swoop upon the death of the donor, you have no “lots.” More precisely, you have one large lot of each security, with that lot considered to be “long term” if you sold it tomorrow. So for each security to should be enter one “Add” action with a date acquired of 1 year before the death of the donor (so that taxes on sales are calculated correctly) and all shares valued at thei FMV at date of death, or 6-months after death if the administrator used that date for valuation purposes.

  • LouKur
    LouKur Member ✭✭

    I inherited from an inter-vivos trust not a will. There is no cost basis reset. I need to carry forward the lots that the trust company has been keeping. This is why Vanguard set them all up.

  • LouKur
    LouKur Member ✭✭
    > @mshiggins said:
    > How many lots do you need to enter?

    366
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭

    To answer your query, you entera Shares Added for each lot.

    Enter the acquisition date and cost in each tranxaction.

    My question to you - Is this the correct procedure for inherited securities?

    I jrecently went throgh a similarexercise as beneficary. The inherited securities were enetred in my account with the acquisition date being the date of the bebfactors death and the total original cost being the market value on the date of death.

    Each security came into your possession as a single lot - regardless of the original history.

    Check with your financial advisor on this issue.

    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • LouKur
    LouKur Member ✭✭
    Hi J-Mike. Sounds like you got it right.

    My problem is a download from Vanguard created the holdings without lots. That is because the private bank did not supply the cost information. Weeks later, the private bank supplies the lot-level cost information. Vangyard goes to the trouble of entering all 366 lots. Now my quicken version of the same holdings does not match, because I do not have the lot level have the lot-level information. Question is, how to I add lots to securities that don't have the lot level information?
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭

     "Question is, how to I add lots to securities that don't have the lot level information?"

    Were the securities entered via a Shares Added transaction?

    Shares Added transactions can be edited to add/correct cost basis info.

    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • LouKur
    LouKur Member ✭✭
    Shares were created by a download from Vanguard at a point in time where they did not have lot-level information.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭

    Question is, how to I add lots to securities that don't have the lot level information?

    Answer is you need to delete the single-lot Add Shares that you probably now see and enter the 366 Add Shares for the individual lots.

    You maybe able to use the ImportQIF package that @Chris_QPW offers.

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭

    It is news to me that securities inherited via a trust don't get new cost bases. Can you please provide a citation for this information?

    Quicken user since version 2 for DOS, now using QWin Biz & Personal Subscription (US) on Win10 Pro.

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭

    Assuming the inheritance was from the “B” side of an A-B trust, there still would be a step up at the death of the 1st spouse, as I understand it. With the step up there are no more lots beyond the one lot for each security.

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭

    My experience with shares received from a trust that was paying to a beneficiary (a parent, not my spouse) and terminated when the beneficiary died was that there was not a step-up. The cost basis of the shares received was the price the trust paid for them. It was not the same as if the securities belonged to the beneficiary who died.

    You should consult with a tax adviser regarding your situation.

    QWin Premier subscription
  • Mark1104
    Mark1104 Member ✭✭✭✭
    edited March 2023

    @tom Young and @Rocket J Squirrel - with a A/B Trust, when the first spouse passes, the trust is funded with the stepped up assets of that first spouse. But when the 2nd spouse passes, those trust assets DO NOT step up again (as they already did when the first spouse passed). So the beneficiaries simply receive the lots at the same cost basis as existed in the Trust as a distribution)

    The assets inherited from the passing of the 2nd spouse do step up upon the passing of the 2nd spouse and are inherited by the beneficiaries.

  • MontanaKarl
    MontanaKarl Member, Mac Beta Beta
    edited March 2023

    One thing nobody has mentioned with regards to an A/B trust and the resulting spousal beneficial trusts… is that the trustee may very well purchase additional lots of the holdings… and so the result on the remaining spouse's death is a combination of original date of death stepped up lots and any new lots purchased in the interim.


    in addition, for those lucky people whose estates are (or were when the irrevocable after death trusts were created) larger than the estate tax exemption (hence the A and B), the assets in the trust formed on the first death totally the estate tax exemption amount (or less) are stepped up with the estate valuation date values (date of death or 6 months afterwards, as the trustee elects)… but will never be stepped up again. Those assets can grow with no future estate taxation. The pour over assets in the second beneficial trust (again assuming a fortunate situation that exceeds the estate tax exemption) will be stepped up again on the date of the surviving spouse's death.

    Someone inheriting from the first exempt trust will potentially have a variet of basis lots from the original spouse's death valuation and any subsequent purchases. The inheritance from the second trust will have the single lot with the second spouses estate valuation basis. Brokerages may track all of the ridiculous number of original lots… but if you look at each lot, you'll see that the price per share is identical for all of them as is the step up date.


    so… I have serious doubts that there are truly 366 unique lots for the OP in spite of what he/she has been presented with.

    Quicken user since 1990, MacBook Pro M2 macOS Ventura 13.6.3 • Windows 11

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