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how to transfer funds from one mutual fund to another w/in one account

Steve Schwartz

My broker transferred my shares for one fund to another within the same account, I cannot figure out how to accurately transfer. I've removed funds and added, but that doesn't reflect the cost basis and gain/loss correctly.

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q_lurker

Steve Schwartz said:

please see the transactions attached. are they a sell/buy?

No, they do not appear to be. It is likely your brokerage just sent you Removes and Adds, and that the Adds are not adequately filled out.

I suggest you:

Back up your current file -- just in case
Delete the transactions sent from your brokerage (4 transactions?)
Within the Quicken account, Enter Transactions button, and select the Mutual Fund Conversion. First Eagle Global Class C converts to First Eagle Global Class I; Pimco Total Return Class C converts to Pimco Total Return Class CI. Transaction date in both cases is 11/12/2018.

If you are using QW2017 or earlier, there may be some other side-issues to clear up after those entries are made. Reply back if that is the case.

Frankx

@Steve Schwartz,

Thanks for the additional info - it is very helpful.

It looks like these transactions are actually "share exchanges" within the same mutual fund. That is something that can happen in mutual fund families and (while I am not providing tax advice here) these transactions are actually NOT deemed to be sales under US tax rules and regulations. Usually the mutual fund company (or your broker) will advise you of whether such "exchanges" are taxable or not.

If they are not taxable exchanges - then the proper way to record the exchange in Quicken is to do a "Remove - Shares Removed" transaction for the "old" shares and a "Add - Shares Added" transaction for the new shares. This will not record a "sale" on the old shares and will carry-over your cost (or basis) for tax purposes from the old class to the new class. You won't actually see any gain or loss until you dispose of the new class holdings.

If your broker or mutual fund company has indicated that these exchanges are taxable, then you should just record them as you would any other sale of mutual fund shares.

Let me know if you have any follow-up questions, etc.

All comments

volvogirl

Wouldn't it be a sell and a buy?

Frankx

I think that this needs to be recorded as a sale of the old mutual fund shares and a purchase of the new shares. There will be a gain or loss on the sale of the shares and that should match your brokerage account statement.

Please revert if you have any other questions or if i misunderstood your problem.

Thanks.

Steve Schwartz

please see the transactions attached. are they a sell/buy?

image.png

q_lurker

Steve Schwartz said:

please see the transactions attached. are they a sell/buy?

No, they do not appear to be. It is likely your brokerage just sent you Removes and Adds, and that the Adds are not adequately filled out.

I suggest you:

Back up your current file -- just in case
Delete the transactions sent from your brokerage (4 transactions?)
Within the Quicken account, Enter Transactions button, and select the Mutual Fund Conversion. First Eagle Global Class C converts to First Eagle Global Class I; Pimco Total Return Class C converts to Pimco Total Return Class CI. Transaction date in both cases is 11/12/2018.

If you are using QW2017 or earlier, there may be some other side-issues to clear up after those entries are made. Reply back if that is the case.

Frankx

Steve Schwartz

Thank you!