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Provide a report to simplify tax loss harvesting

Rocket J Squirrel

There is no simple, easy, or elegant way in QWin to identify security lots which are currently at a loss (underwater). It is useful to find such lots when capital loss harvesting for income tax purposes is desired.

I can attempt to sort a portfolio view by Gain/Loss, but the view sorts the lots chronologically by purchase date rather than by gain/loss, so the amount of gain or loss for each lot is not shown in a useful order.

I would like to see a report of all underwater lots of liquid securities in my taxable accounts sortable by loss amount and with various options for subtotals (by account, long- vs. short-term holdings, etc.)

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Comments

geoffj

I agree - a common need that Quicken should provide an easy way to report

Jim_Harman

The Investing > Portfolio Value report with the new Lots option almost does this, but it does not show or allow sorting by the price per share or the long/short status for each lot.

For most of my securities it has a * in the "est" column which might indicate that there are Placeholders, but I do not have Placeholders.

tivolo

I agree — a Tax Loss Harvesting report would be a huge help. It would list all lots of shares that are underwater, broken down into "short-term" and "long-term" buckets (similar to the Capital Gains report). Assuming it would be sorted (by default) by the date the lot was acquired, it would be easy to see if/when you have shares that may be approaching the long-term threshold that you may prefer to sell before it crosses the 1-year mark.

The report would also ideally show your current long/short-term capital gain totals for the year so you can determine how much you may want sell to offset those gains.

q_lurker

There is a start to that information available in portfolio views (scrolled to avoid showing any specific security)

But not sortable by Days to … or by gain/loss per lot. The Group By must be Accounts and the views must be expanded to show the by lot data. Not sure what the current story is on the After Tax Gain, the Tax Savings, or the Break Even Price. Right now for me, those columns are all blank in this view.

@Jim_Harman The asterisk in the Est column only means the Quote/Price entry shown for the as of date is from some date before the As Of date. Nothing to do with placeholders. The Quote/Price data in my screen snip are prices paid for those specific lots. This standard "tax Implications' screen does not include that Est. column.

tivolo

Thanks, @q_lurker, that's new to me as I rarely flip to the other View in the Portfolio tab. That's definitely better than my current approach of checking the lot dates myself on a security-by-security basis. But, as you noted, it's not ideal for quickly assessing which lots (across all stocks/accounts) are approaching long-term status, which lots have the largest loses, etc.

If I were to take this to an ever great extreme, it would be amazing if Quicken could show on the Calendar view when lots are moving to the next holding period. So, along with my scheduled transactions, I could see investing events that I may want to attend to.

riekert

Quicken just added a new Report: Tax: Tax Loss Harvesting

Thank you Quicken !

NotACPA

That new report, appropriately, excludes retirement accounts … since while you can have losses in them, you CAN'T have "tax losses".

tivolo

Had to come here to say a big thanks to the Quicken team for adding the new Tax Loss Harvesting report! It's rare to see a company take their user suggestions and then actually turn them into real product features. Thank you!!

Now… having run the report, I'd like to suggest a couple of tweaks:

I'm not sure why you combined security name, acquisition date and account into a single "Security" column, but breaking these back out to allow sorting would be a huge help. In particular, being able to sort by the acquisition date column is essential to identify losses that are on the verge of flipping from short-term to long-term.
It would be ideal if the report was broken into two sections, one for shares with short-term losses (as of today) and one for long-term losses. This would be similar to the way the Capital Gains report is split. One of the most important factors in tax loss harvesting is being able to offset different types of gains (short vs long) against the corresponding types of losses.

To help illustrate the need here, let me provide a couple of specific use cases that I would want to be able to address with this report:

"I have $3K in short-term capital gains this year. What stocks can I sell today that have short-term losses that can be used to offset those gains."
"What lots do I own that currently have short-term losses but will be transitioning into long-term losses soon? I may want to go ahead and sell those lots before the 1-year mark to lock in the tax advantage of a short-term loss."

Again, thanks for working on this new feature request! This is a big, positive step forward for how I use Quicken and is very much appreciated.

Rocket J Squirrel

I just stumbled across this. My report shows an off-by-one-cent error for a constant $1 money market fund.

tivolo

Just wanted to bump this up again since, as the report exists today, it provides very little value (to me, at least). Again, separating long-term from short-term losses and allowing sorting by acquisition date so you can see what lots will be crossing the 1-year mark would make this report one that I would use consistently to manage my portfolio.