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Sold Stock Regulatory Fee Commission

micdif

Windows 10 Enterprise version R60.20 Build 27.1.60.20

When I sold some stocks, a regulatory fee was charged for selling the stock but when I enter the fee under commissions the Total sale amount is reduces which is inaccurate.

How do I account for the fee so that it is reduced from my account cash balance but the Total sale amount is accurate? Do I have to create a separate transaction for each sold stock for the fee?

I sold 40 Shares @ $11.75. The Total sale was $470.00.

Regulatory fee was $0.05. How do I account for this fee?

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micdif

I added a MiscExp transaction on separate lines for each security sold and used Service Fee as the Category.

A bit of a pain to do it separately. Let me know if there's a better method.

Jim_Harman

Or you could record the fee and the proceeds and let Quicken calculate the price per share.

Any capital gains tax you owe is based on the proceeds, not the price per share.

Boatnmaniac

Also, are any of these things rounded numbers. For instance, is 40 sh actually 40.XXXXXX sh? Or is the share price of $11.75 really $11.75XXXX? Or is the commission really $0.05XXXX? Find out what the actual numbers are with the decimal point positions extended out to 6 places and use those numbers instead of the 2-digit decimals.

q_lurker

I don’t know what a ‘regulatory fee’ is, so I can’t say if it (legally) rolls into the cost of the sale or not.

Assuming it does, it appears you sold the 40 shares for a net of $469.95. With that understanding, your pic above looks fine. Quicken will carry forward with your capital gain as $469.95 less your cost of those 40 shares.

If you have a need to track these regulatory fees separately, the MiscExp approach is valid.

micdif

This is the fee referenced.

micdif

Share Price is noted and it's not rounded as long with the Sales total price of $470.00.

Looks like you have to do a separate transaction to account for the selling regulatory fee for each stocks sold. More work but I went ahead and did it. My Cash Balance updated properly. Wish Quicken allowed the recording of the fee in one transaction.

micdif

Where can you view the Capital Gains/Loss for the stocks sold in Quicken?

q_lurker

So what is your FI showing for cost basis calculations?

micdif

Doesn't show cost basis calculations because sold items were used to purchase within the funds so treats it as a transfer.

q_lurker

Only reason I know of for your FI not to provide capital gains on the trade would be if the security is in a retirement account.

Quicken will show your capital gains in a capital gains report - Reports / Tax / Capital Gains. If it is a retirement account, you’ll need to customize that report to include the retirement account.

NotACPA

https://community.quicken.com/discussion/comment/20472291#Comment_20472291

From an accounting standpoint, there's no such thing as a "transfer". It's a sell of one security and buy of another.

NotACPA

My though is, REALLY, what's the difference between $470 with a subsequent transaction (based upon the sale) of $0.05, and just recording the sale as $469.95?

Because you NETTED $469.95 either way, so your cash ends up the same. And, since that nickel is really part of the sale, I'd report my receipts from the transaction as $469.95. Ask your broker how they're going to report on next year's 1099.

micdif

I think this post got off-track. I initially wanted to know how to account for that fee. I was hoping to enter it when I was inputting the shares & price data but it looks like you have to create a separate MiscExp transaction.

These stocks were not held in my retirement account. I got confused between my two posts. I hadn't looked into capital gains/loss implications yet but I'll look at the reports in Quicken & my investment account to see the results.