Long term Capital Gains Report uses wrong cost.

Henry Theloosen

On 5/8/2013 I purchased 20 shares/bonds for a cost of $52,911.30

On 9/14/2023 these bonds were recalled for $52,000

The long term Capital Gains Report shows a profit of $49,470.89 calculated as $50,000.00 -$529.11.

In reality it should be a loss of $50,000.00- $52,911.30= -$2,911.30

Any idea how I can fix this?

Ploooplooo

First, make sure that both the purchase and sale transactions are of the same type. I mean, Buy/Sell for stock or Buy Bonds/Sell Bonds for bonds.

Second, then make sure that you booked both transactions using the same units. In your example assume they are bonds, you first Buy Bonds with a face value of $52,000.00 at a price of 101.7525 which = proceeds of $52,911.30. Then you Sell Bonds with a face value of $52,000.00 at a price of 100.00.

Then everything should be fine. Unfortunately when dealing with bonds, frequently the download from broker does not jibe with all the details that quicken needs.

Henry Theloosen

Thanks for the tip. Will double check.

jacobs

I don't think it's a problem with the Quicken 2007 data conversion per se, but is simply a function of how Quicken handles bonds. It may be different between Quicken 2007 and modern Quicken Mac (I didn't have any bond holdings in Quicken 2007 to check), or it may be that data your brokerage provided is not expressed correctly in Quicken Mac.

As @Ploooplooo said, your transacitons might look like this (not accounting for any commission or accrued interest)…

Buy transaction:

Sell transaction:

And then your capital gains would show correctly:

Henry Theloosen

The devil is in the details!! It's the details that matter! The original transaction in 2013 was for 2,000 shares (not 20) as I mentioned in the post, but the sales/redemption quantity that was downloaded by Quicken from my broker web site as 20 shares. That created the problem. After manually adjusting the downloaded sales quantity to 2,000 the report is correct. Thus the question is why did Quicken download a quantity of 20 while the real number was 2,000!

Ploooplooo

@Henry Theloosen. I trade a lot of bonds and see this frequently when the buy and sell quantities downloaded from broker are different. I wouldn't assume this is a quicken problem, I actually suspect the root is in the broker downloads. Anyway, although sub optimal, I know it when I see it and quickly make the adjustment.

Henry Theloosen

Thanks.