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Inconsistent handling of expired options in Income by Security report

bmciance

Using build 27.1.60.15 - I'm not sure if this was an issue previously.

I created a new Income by Security report and filtered it for just my stock options (short calls and short puts only) and long stocks that my calls were written on.

The first issue I noticed is that if an expired option does not have a zero last price it shows a market value for the option even though there is no market value in the Security Detail View. I had put in a cvrshrt transaction on the expiration date to zero out the shares so there should be no market value at this point and no market value shows up anywhere else. No big deal, if I put in a zero price on or after the expiration date for the security the market value becomes NA. I just shouldn't have to do this since there are no shares and the Security Detail View has a zero market value already.

The second issue has to do with the realized gains on expired options. When I first did the report I included Realized and Unrealized Gains. When I do this the expired options show their gains under the Unrealized Gains column with the realized gains showing zero. If I then exclude Unrealized Gains, the gains on these options correctly show up in the Realized Gains column. Note that all of these options correctly show up with realized gains in the Capital Gains report.

I know this Income by Security report is relatively new but I don't think it was thoroughly tested for stock options, at least not for short calls and short puts.

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Quicken Jasmine

Hello @bmciance,

Would you mind sending over a problem report and screenshots? Also, could you please respond here with exact steps to reproduce these issues and with any troubleshooting steps that you have tried?

Thanks!

bmciance

Hi @Quicken Jasmine , I submitted the problem report with some screenshots.

As far as reproducing the issues:

1 - Start new Income by Security report
2 - Customize report for accounts/securities required (short call and short put options for current year)
3 - After report opens nothing shows up but then I check boxes to include both Realized and Unrealized gains and I get the report with values.
4 - I noticed market values were showing on expired options and checked the Security Detail screen where they all showed zero value. I tried changing the last price on one to zero and it worked so I updated all expired options to zero price. This fixed the issue but shouldn't be necessary.
5 - Then I noticed gains for expired options were showing in the Unrealize Gains column.
6 - I ran the Capital Gains report for the options to verify that they were all showing as realized gains.
7 - Back on the Income by Security report I tried unchecking "Unrealized Gains" and then all of the gains were showing as Realized Gains. I then checked the box again and they again showed as Unrealized Gains. If the short sale is closed the gains should always show as Realized Gains, not Unrealized.

Let me know if you have any questions.

Thanks

Quicken Jasmine

Hello @bmciance,

Thank you for this information.

This issue has been reported and is currently being investigated. I do not have an ETA at this time, however, I will update you within this thread once I receive more information.

Thanks!

(CBT-493)

NotACPA

When those options expired, how did you record the event in Q?

bmciance

Since they were short sales to start I did CvrShrt to close it out.

The only options I have done are short covered calls and short cash secured puts. I always close them out with the cvrshrt.