How to download SELL lot(s) of Tax Loss Harvesting Transactions managed by Investment Firms
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SeaStar
Member ✭✭✭
Qn seems to lack strategy to capture specific SELL lots downloaded from investment firm Tax Loss Harvesting accounts.
As background to my request for a solution, investment companies offer Tax Loss Harvesting Services which manage optimal SELL of taxable account stocks, bonds, mutual funds, etc. at a loss to offset realized gains in a Client’s portfolio. This provides professionally-managed, time-saving alternative to Clients (Quicken Users) strategizing and managing such activity on their own.
Problem appears that Qn fails to automatically capture and enter those specific SELL lots involved with transactions downloaded from professional Tax Loss Harvesting service, e.g. Fidelity. Instead, Qn downloads and prompts User to “Accept downloaded transactions into transaction list.” Qn thereby requires User to specify the SELL lots that Tax Loss Harvesting managers had chosen, information not readily available to Client compared to an automatic download of SELL LOT(s) into Qn scenario. [Reference attached image.]
All in all, this program gap causes a time- and labor-intense process for User to identify the exact SELL LOT(s) of numerous transactions and manually enter data into Qn register to maintain accuracy. Situation defeats purpose of professionally managed Buy-Sell trades as time-saver for Investors when it comes to Tax Loss Harvesting investment plan and whole portfolio tracking and synopsis in Quicken Premiere.
Please share insights if you’ve experienced the same problem or have found a way to set up Qn accounts to automatically and accurately download specific SELL lots of Tax Loss Harvesting transactions managed by professional financial firms.
Thanks,
20+ years Quicken (Qn) User
As background to my request for a solution, investment companies offer Tax Loss Harvesting Services which manage optimal SELL of taxable account stocks, bonds, mutual funds, etc. at a loss to offset realized gains in a Client’s portfolio. This provides professionally-managed, time-saving alternative to Clients (Quicken Users) strategizing and managing such activity on their own.
Problem appears that Qn fails to automatically capture and enter those specific SELL lots involved with transactions downloaded from professional Tax Loss Harvesting service, e.g. Fidelity. Instead, Qn downloads and prompts User to “Accept downloaded transactions into transaction list.” Qn thereby requires User to specify the SELL lots that Tax Loss Harvesting managers had chosen, information not readily available to Client compared to an automatic download of SELL LOT(s) into Qn scenario. [Reference attached image.]
All in all, this program gap causes a time- and labor-intense process for User to identify the exact SELL LOT(s) of numerous transactions and manually enter data into Qn register to maintain accuracy. Situation defeats purpose of professionally managed Buy-Sell trades as time-saver for Investors when it comes to Tax Loss Harvesting investment plan and whole portfolio tracking and synopsis in Quicken Premiere.
Please share insights if you’ve experienced the same problem or have found a way to set up Qn accounts to automatically and accurately download specific SELL lots of Tax Loss Harvesting transactions managed by professional financial firms.
Thanks,
20+ years Quicken (Qn) User
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Comments
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As far as I know there's no way to automatically have Quicken select the lots sold on your behalf. I've never seen a "lot identifier" variable in the OFX schema nor any "earmark" on lots held at the various financial institutions (FI) I use to hold securities. I think it would be quite difficult to implement such a scheme.
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If you click on Identify Lots then Minimum gain, the lots sold in Quicken *should* match those sold by a tax loss harvesting scheme. Of course you should compare your post sale holdings with those reported by FI to be sure.QWin Premier subscription1
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IF such a scheme were to work, the brokerages would need to download the Lot acquisition date and price for each lot sold (in lieu of a "lot identifier").Since this would entail a fair amount of work for the brokerages ... I doubt it will ever happen/
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
Selecting within Quicken for "Minimum Gain" when specifying lots should match the brokerage approach in most instances, I believe. The difference might be that Quicken does not distinguish between ST and LT gains in their algorithm determining Min Gain. The brokerage might make that distinction.
As others have indicated, I do not believe there is a recognized communication path with the OFX specifications for that information. I certainly have never seen my financial institutions make use of such a data field in their transmittals.0
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