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Incorrect Recording of Sale of Bond Mutual Fund

wab49

I transferred Vanguard Total Bond Market Fund shares from Vanguard to my Fidelity Brokerage Account. I then sold the shares. The Fidelity account syncs in Quicken and shows the entire proceeds but not the basis. Therefore, the entire proceeds show in all my reports as income. There was actually a short term and long term capital loss from this sale. Fidelity knows that. If I click on "Specify Lots" it does list the lots, so Quicken would seem to know the cost basis. In principle, I could manually enter the transaction and use the cost basis I see on the Fidelity Web site, but I can't figure out how to do that either.

I am a new user this year of Quicken on the Mac (version 7.9.0) after many years of using Quicken for Windows. Everything seems harder on the Mac version, maybe just because I'm newer at it.

Thank you for any help.

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Accepted answers

John_in_NC

Before we go further, is your Fidelity account showing as Simple or Detailed? You should see a "Transactions" tab next to the Portfolio view which shows the minutia of the account.

If you don't see this or it is grayed out (or isn't an option in the Account Settings), Fidelity may no longer support showing details for your account. Ouch.

If you can go into the transactions view, then you can add the cost to the initial Add Shares transaction if desired. This won't break down the LT/ST cost, but it will get the cost moving forward.

All comments

John_in_NC

Howdy, wab49:

I suspect you are missing some basis info in your Fidelity account for this MF as that value doesn't download from brokerage houses-it is calculated from your prior lots held within Quicken. You can confirm this by looking at the Portfolio view of your FIDO account and looking at cost basis-I suspect it is blank as you are missing the cost for some lots. You possibly can see some recent lot(s) activity since you created the Fidelity account, but not the total cost. My hunch is that when you transferred and setup the FIDO account, you simply got an initial Add Shares placeholder transaction which, while $ is correct, doesn't include the cost basis.

If so, you could add the basis to the initial Add Shares placeholder, but that might not correctly address ST and LT lots.

Depending on your situation, you might wish to enter a "Transfer Shares" transaction in your older Vanguard account to move all the lots over to your FIDO account. Then all the lots for this MF will be in your FIDO account.

This should you get the pointed in the correct direction as how to diagnose/resolve.

And I think your frustration are because you are new to the program-I find QMac a much better, and modern program.

Good luck, and make a backup before your experiment!

wab49

Hi John_in_NC,

You put your finger on it, but I see that it's actually worse than that when I follow the trail you've laid out. When I look at the pre-existing Vanguard portfolio in Quicken, it also shows the basis for virtually all the shares to be 0.00. Maybe all the cost basis information got screwed up when I migrated from Windows to the Mac. For tax purposes, the end of year forms that Fidelity will send me will give me the information I need. In the meantime, I'd like to find away to make approximate cost basis adjustments in Quicken so that my income reports are closer to accurate. Can you suggest any way to do that?

Thanks so much for your help!

volvogirl

Yes investments don't transfer over right between Windows and Mac.

jacobs

https://community.quicken.com/discussion/comment/20451129#Comment_20451129

Actually, I think they do for most people most of the time, from all the reports I've seen from people who have converted from Quicken Windows to Mac. (And recently, in the opposite direction as well.)

John_in_NC

Before we go further, is your Fidelity account showing as Simple or Detailed? You should see a "Transactions" tab next to the Portfolio view which shows the minutia of the account.

If you don't see this or it is grayed out (or isn't an option in the Account Settings), Fidelity may no longer support showing details for your account. Ouch.

If you can go into the transactions view, then you can add the cost to the initial Add Shares transaction if desired. This won't break down the LT/ST cost, but it will get the cost moving forward.

wab49

That worked and is close enough. I'm delighted. Thanks very much.