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Posted by Tim Johnson on October 20, 2006, 9:22 pm
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Hello,
In one of my brokerage accounts, I had held 65 shares of a stock. I
later sold all shares before it went down. The stock is on the rise
again after several months, and a purchased 65 again.
The problem is that Q6 Deluxe shows the new cost basis to be the
negative of what I sold the stock for several months ago.
Why is that, and how do I fix it?
Thanks,
--
Tim
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Posted by Jim - NN7K on October 20, 2006, 9:44 pm
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Hi Tim, the answer is: You DON'T! The total you
see (if it the same I have ) is a RUNNING total
cost basis, , -sales price, PLUS your NEW cost
basis ! It keeps a running total of All your
holdings, without regard to the tax consequences
of your sold off Previous sales (Great for showing
Total Gains/Losses< but no good for Tax
consequences (in/out gains, on a per share holding
basis, according to date bought!) This is one of
my major gripes with Quicken! Easiest way to
handle it is to DELETE old bought/sold
transactions, then start a new entry. To my
knowlege, you cant even hide THOSE former
buy/sell transactions (it holds them in its
memory), and thus you can end up with some
very interesting (but very WRONG) totals
in your gain/loss columns! To find that you
"Made" $2500, when you actually lost 1700 can
be somewhat disconcerting! Jim
Tim Johnson wrote:
> Hello,
>
> In one of my brokerage accounts, I had held 65 shares of a stock. I
> later sold all shares before it went down. The stock is on the rise
> again after several months, and a purchased 65 again.
>
> The problem is that Q6 Deluxe shows the new cost basis to be the
> negative of what I sold the stock for several months ago.
>
> Why is that, and how do I fix it?
>
> Thanks,
>
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Posted by Tim Johnson on October 21, 2006, 10:21 am
Please log in for more thread options Jim, thanks for your reply.
In my case it doesn't seem to even be a running total. The new cost
basis wasn't added in. Unless I've misinterpreted what I see. The cost
basis after the last buy transaction is the negative of the old sell profit.
Let's say I sold the stock for $2500, then bought again for $2000 some
months later. The cost basis is now shown as -$2500 instead of the $2000
(less fees) I would have expected.
--
Tim
====================
Jim - NN7K wrote:
> Hi Tim, the answer is: You DON'T! The total you
> see (if it the same I have ) is a RUNNING total
> cost basis, , -sales price, PLUS your NEW cost
> basis !
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Posted by John Pollard on October 21, 2006, 10:33 am
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> In my case it doesn't seem to even be a running total. The new
> cost basis wasn't added in. Unless I've misinterpreted what I
> see. The cost basis after the last buy transaction is the
> negative of the old sell profit.
>
> Let's say I sold the stock for $2500, then bought again for
> $2000 some months later. The cost basis is now shown as -$2500
> instead of the $2000 (less fees) I would have expected.
I don't recall ever seeing anything like this. What specific
display/report are you looking at, and have you tried checking
other displays and reports?
Assuming you have correctly entered each transaction:
Occasionally a transaction gets corrupted (seems to happen more
frequently in investment accounts) and it can only be "fixed" by
deleting it and re-entering it. In general, I think that's one
of the first things I would try if I was seeing fishy results
for an investment account.
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Posted by Tim Johnson on October 24, 2006, 9:09 pm
Please log in for more thread options John Pollard wrote:
> I don't recall ever seeing anything like this. What specific
> display/report are you looking at, and have you tried checking
> other displays and reports?
>
> Assuming you have correctly entered each transaction:
> Occasionally a transaction gets corrupted (seems to happen more
> frequently in investment accounts) and it can only be "fixed" by
> deleting it and re-entering it. In general, I think that's one
> of the first things I would try if I was seeing fishy results
> for an investment account.
I'm using the "Investing Center" display showing "ROI YTD". Instead of
showing the cost basis as what I paid for the shares plus the
commission, it shows what I sold the stock for when I previously owned
it as a negative number. The market value is shown correctly, and the
percent gain/loss is a large, negative percentage.
I had already tried deleting and re-entering the transaction, but there
was no difference. The account is an IRA so there is no tax consequence
of not getting the right cost basis, but my concern is this could have
been a taxable account where it would make a difference.
Thanks,
--
Tim
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