Stock transferred out of account.

Is there a way to attach value to gift of stock removed?

Best Answer

  • rmkutrmkut
    Accepted Answer
    This issue has been queried several times. Tool in QWK H&B would be useful but now it is manual. See following from Tom Young.

    I assume that the shares donated were held long term and that you want your Quicken accounting to show the same results as it will on your income tax return, i.e., you don't have the shares anymore but you have a charitable donation in the amount of the fair market value at the date of the donation.
    I can tell you how to make this work in the Windows version and presumably there's some similar facility in the Mac version.
    The first thing I'd do is a "Removed" action in Quicken on the date of the gift. Quicken requires the name of the security and the number of shares. If you have more than one lot of the fund Quicken asks for the lot or lots to be removed. In the Windows version you won't see any offsetting Account or Category used; it looks like an one-sided accounting entry, but it's not, really. If you run a Net Worth report immediately after this transaction is entered you'll see a decrease in your Investment Account and a reduction of your Net Worth by a similar amount. Effectively it's a
    Debit (decrease) to Net Worth and a
    Credit (decrease) to the Investment Account
    The next entry in the Windows version would be an Xin (Transfer cash in) action for the fair market value of the shares gifted. Again, this would look like a one-sided entry, this time increasing the value of the Investment Account and your Net Worth.
    The final entry would be a MiscExp (Miscellaneous Expense) action for the same dollar amount as the previous entry with a Category of "Charity".
    Actually that final entry, in Windows, could really be a variety of actions; one might be to "transfer" the money out of the investment Account to the checking Account, and then you could expense that amount there.

Answers

  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    There's always a way to make these sort of things work, but knowing with a lot of precision the details of the actual transaction and the way you want this to present itself through Quicken can dictate the entries to be made in Quicken. 
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    Do you just want to know the value of the gift, or would you like it to be recorded somewhere in Quicken?

    Once you have made the gift of course that value should no longer be in your net worth in Quicken.
    -- Jim QWin Premier subscription
  • rmkutrmkut Member
    Gift of appreciated equities shows only as "x shares removed" I would like to memorialize the gift in Qwk so shows up in annual spending for income tax prep. Gift value = shs x mkt value/sh and gift cost = shs x cost/sh. I can make up fictitious transaction as if I sold stock and gave proceeds but was looking for a tool. Thanks both of you.
  • rmkutrmkut Member
    Accepted Answer
    This issue has been queried several times. Tool in QWK H&B would be useful but now it is manual. See following from Tom Young.

    I assume that the shares donated were held long term and that you want your Quicken accounting to show the same results as it will on your income tax return, i.e., you don't have the shares anymore but you have a charitable donation in the amount of the fair market value at the date of the donation.
    I can tell you how to make this work in the Windows version and presumably there's some similar facility in the Mac version.
    The first thing I'd do is a "Removed" action in Quicken on the date of the gift. Quicken requires the name of the security and the number of shares. If you have more than one lot of the fund Quicken asks for the lot or lots to be removed. In the Windows version you won't see any offsetting Account or Category used; it looks like an one-sided accounting entry, but it's not, really. If you run a Net Worth report immediately after this transaction is entered you'll see a decrease in your Investment Account and a reduction of your Net Worth by a similar amount. Effectively it's a
    Debit (decrease) to Net Worth and a
    Credit (decrease) to the Investment Account
    The next entry in the Windows version would be an Xin (Transfer cash in) action for the fair market value of the shares gifted. Again, this would look like a one-sided entry, this time increasing the value of the Investment Account and your Net Worth.
    The final entry would be a MiscExp (Miscellaneous Expense) action for the same dollar amount as the previous entry with a Category of "Charity".
    Actually that final entry, in Windows, could really be a variety of actions; one might be to "transfer" the money out of the investment Account to the checking Account, and then you could expense that amount there.
This discussion has been closed.