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Tax categories for investment transactions are not editable - why?

jmattioni

My investing is fairly simple. I buy/sell stocks/funds occasionally. What I want is to be able to properly categorize investment sales for tax purposes in reports. But I can't get the sales to show up on a tax schedule report. I discovered I hadn't specified the lots within the sales in the account and so did that. The lots dialog showed the proper short/long term designation. But the sales are just blindly categorized as _RlzdGain, which has no link to a tax schedule. Ran the validate option to re-do lots. No help.

Quicken knows what kind of gain it is but doesn't classify it properly so it doesn't show up in a Tax Schedule report. Worse yet, the category is not editable. Is that to protect us dumb users?

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Comments

NotACPA

Please click TOOLS, Account List and click EDIT next to the investment account.

Is it marked as "Tax Deferred"? Q won't provide "tax" reporting info for Tax-deferred accounts .. because such isn't reported to the IRS.

The various Investing reports will report the CapGn activity in all, including tax-deferred, accounts.

Jim_Harman

You are right, the standard Tax Schedule report does not include Schedule D information for capital gains and losses. The Tax Summary report shows realized gains but does not break them down by long and short term or by lot.

But for capital gains reporting there is the report at Reports > Tax > Schedule D, which breaks out the lots sold and long and short term gains for taxable accounts. I think Premier or above is required for this.

You can assign tax line items to Categories of your choice but there is no provision to add new line items. There is an active Idea post to add this capability, please review it, add a comment, and vote for it.

https://community.quicken.com/discussion/7946156/edit-tax-line-item-list

There are also several discussions requesting additional tax line items to be supported.

q_lurker

The basic Capital Gains report available in Deluxe level and above breaks down the sale transactions by lot by short term and long term, just like the Schedule D report in Premier.

Jim_Harman

The basic Capital Gains report available in Deluxe level and above breaks down the sale transactions by lot by short term and long term, just like the Schedule D report in Premier.

@q_lurker You are right, I had not remembered that. It also excludes tax deferred accounts by default, which I think it did not do at one time.

That report would be even better if it could subtotal by account in addition to long/short term, to make it easier to compare to broker reports. I suppose you could run the report one account at a time, but that would get tedious if you have several taxable accounts.