New Transaction Type Needed: Inherited or Given Shares

TedG

The receipt of inherited of given shares is admittedly rare. In the current system, recording the addition of such shares is cumbersome. First, a "deposit" must be processed to reflect the receipt of value, and credit such receipt to an income category such as Inherited or Given Shares Received. In that fashion, a user can track the amount of inherited or gifted stock received for reporting purposes. Second, a Cash Transfer Out to the same account is necessary to eliminate the bogus cash created by the first transaction. Finally, a security add transaction is necessary to record the acquisition. When a user acquires a large volume of inherited securities that dribble over from a decedent's accounts over a long-time span, applying those three transactions for each security is beyond cumbersome. Why not have a single transaction type that adds such a security as well as credits an appropriate income account? This should be easy program.

NotACPA

Why does "Shares Added" not work for you? There's a space there for "Cost", which doesn't add or subtract actual cash from the account.

Rocket J Squirrel

I see @TedG 's point. The Add Shares transaction does not allow categorization of the income received and he would like to be able to show it in reports.

NotACPA

https://community.quicken.com/discussion/comment/20450918#Comment_20450918

But use of the "MiscInc" DOES allow one to select the category to be used. I use MiscInc every quarter to direct my stock divs to "_QualDivInc". He could just as easily direct the income from inherited/gifted stock to a category of his own creation.

And, whether the security is bought or inherited, the income all ends up in the same place on the IRS 1040.