Home Page link  

Wash sale

  
Groups | Search | About
User Password
Register Now! Lost Password?

Quicken Personal Finance Discussions - Quicken - personal finance software discussions

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Wash sale Caryl 12-19-2007
Posted by Caryl on December 19, 2007, 6:20 pm
Please log in for more thread options
 I world like to know how to handle a particular wash sale in Quicken
2005. Looking at the archives, all I could find was when a stock was
sold at a loss and then new shares of the same stock were bought
within 30 days. In my case, stock was bought and then sold at a loss
within 30 days.

We owned 2,000 shares of a particular stock, including 100 shares
bought on 11/13/07 for 61.880 per share, 100 shares bought on 11/19/07
for 63.356 per share, and 100 shares bought on 11/23/07 for 62.232 per
share.

On 12/12/07 100 shares were sold for 50.10 per share and on 12/14/07
another 100 shares were sold for 48.890 per shares. They were not sold
against the newest shares, but earlier purchases so we could get a
larger loss for tax purposes. The loss was 4,637.71.

This was done through Fidelity, and looking on their website we
noticed that the purchases made on 11/13/07 and 11/19/07 had their
price per share raised by a little more than 20.00. When we called
Fidelity we were informed that this was because of the wash sale. I
understand all this, but do not know how to note the new price per
share on Fidelity so that when we sell a lot with the new higher price
it will be reflected on the program. Should I just edit the purchase
of the stock for the specific date and put Fidelity's new price there?
Or is there another way to do this?

TurboTax will be correct since we download to it from Fidelity
directly and not from Quicken. But I would like Quicken to be correct
too.

Thank you.
Caryl

Posted by Charlie K on December 19, 2007, 7:23 pm
Please log in for more thread options
> I world like to know how to handle a particular wash sale in Quicken
> 2005. Looking at the archives, all I could find was when a stock was
> sold at a loss and then new shares of the same stock were bought
> within 30 days. In my case, stock was bought and then sold at a loss
> within 30 days.
>
> We owned 2,000 shares of a particular stock, including 100 shares
> bought on 11/13/07 for 61.880 per share, 100 shares bought on 11/19/07
> for 63.356 per share, and 100 shares bought on 11/23/07 for 62.232 per
> share.
>
> On 12/12/07 100 shares were sold for 50.10 per share and on 12/14/07
> another 100 shares were sold for 48.890 per shares. They were not sold
> against the newest shares, but earlier purchases so we could get a
> larger loss for tax purposes. The loss was 4,637.71.
>
> This was done through Fidelity, and looking on their website we
> noticed that the purchases made on 11/13/07 and 11/19/07 had their
> price per share raised by a little more than 20.00. When we called
> Fidelity we were informed that this was because of the wash sale. I
> understand all this, but do not know how to note the new price per
> share on Fidelity so that when we sell a lot with the new higher price
> it will be reflected on the program. Should I just edit the purchase
> of the stock for the specific date and put Fidelity's new price there?
> Or is there another way to do this?
>
> TurboTax will be correct since we download to it from Fidelity
> directly and not from Quicken. But I would like Quicken to be correct
> too.
>
> Thank you.
> Caryl

First of all, you don't get a choice on how to apply the wash sale.
The 12/12 sale has to be applied to the 11/13 purchase and the 12/14
goes against the 11/19 sale. This is IRS regulations and can't be
changed no matter what lot you thought you were designating. Second,
Quicken doesn't have a way to show this easily. Personnally, I would
leave it alone.

Posted by Caryl on December 20, 2007, 12:37 am
Please log in for more thread options
> First of all, you don't get a choice on how to apply the wash sale.
> The 12/12 sale has to be applied to the 11/13 purchase and the 12/14
> goes against the 11/19 sale. This is IRS regulations and can't be
> changed no matter what lot you thought you were designating.

Charlie,

Thank you for your response. I am not sure what you mean by saying
that the sales have to be applied to specific purchases. When we look
at our holdings on the Fidelity website, the lots from 11/13 and 11/19
are still there with the additional cost added, and the two earlier
lots that we specified are gone. Am I missing something?

> Second, Quicken doesn't have a way to show this easily.
> Personnally, I would leave it alone.-

OK.

Caryl

Posted by Charlie K on December 19, 2007, 7:27 pm
Please log in for more thread options
> I world like to know how to handle a particular wash sale in Quicken
> 2005. Looking at the archives, all I could find was when a stock was
> sold at a loss and then new shares of the same stock were bought
> within 30 days. In my case, stock was bought and then sold at a loss
> within 30 days.
>
> We owned 2,000 shares of a particular stock, including 100 shares
> bought on 11/13/07 for 61.880 per share, 100 shares bought on 11/19/07
> for 63.356 per share, and 100 shares bought on 11/23/07 for 62.232 per
> share.
>
> On 12/12/07 100 shares were sold for 50.10 per share and on 12/14/07
> another 100 shares were sold for 48.890 per shares. They were not sold
> against the newest shares, but earlier purchases so we could get a
> larger loss for tax purposes. The loss was 4,637.71.
>
> This was done through Fidelity, and looking on their website we
> noticed that the purchases made on 11/13/07 and 11/19/07 had their
> price per share raised by a little more than 20.00. When we called
> Fidelity we were informed that this was because of the wash sale. I
> understand all this, but do not know how to note the new price per
> share on Fidelity so that when we sell a lot with the new higher price
> it will be reflected on the program. Should I just edit the purchase
> of the stock for the specific date and put Fidelity's new price there?
> Or is there another way to do this?
>
> TurboTax will be correct since we download to it from Fidelity
> directly and not from Quicken. But I would like Quicken to be correct
> too.
>
> Thank you.
> Caryl

Another thought, Broker's don't download cost basis so you'll have to
adjust it in TurboTax.

Posted by Caryl on December 20, 2007, 12:39 am
Please log in for more thread options
.
> Another thought, Broker's don't download cost basis so you'll have to
> adjust it in TurboTax.-

Again, I am confused! Do you mean the above for all sales, or just for
wash sales? Normally when we download the information from Fidelity
the cost or basis is indicated if the stock has been bought through
them or we have given them the cost.

Caryl

Similar ThreadsPosted
Correcting for wash sales October 26, 2006, 6:55 pm
Help How to record property sale? July 19, 2006, 11:56 pm
q2005 or q2006 for sale ? February 2, 2007, 9:29 am
sale of investments and tax question July 13, 2008, 8:30 am
2009 on sale if anyone cares? September 27, 2008, 12:53 pm
Capital gains from sale of mutual fund February 22, 2007, 12:37 am
Quickbooks, Quickbooks Point Of Sale & Quicken 20% Off & Free Shipping Purchased Directly from Intuit October 19, 2006, 4:20 pm
Quicken 2008 on sale in Germany and American Quicken 2008 book on Amazon.com August 1, 2007, 1:12 am

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap