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Subject Author Date
average cost vs. actual cost Howard Kaikow 03-10-2007
Posted by Howard Kaikow on March 10, 2007, 12:55 am
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 Someplace, I cannot recall where, I saw something that stated that Quicken
Premier can calculate the stuff for Schedule D using both the actual cost
and average cost methods to aid in selecting which is better for tax
purposes.

How is this done?

I only see references to actual cost in the Help.

--
http://www.standards.com/; See Howard Kaikow's web site.



Posted by Ira Smilovitz on March 10, 2007, 4:31 pm
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> Someplace, I cannot recall where, I saw something that stated that Quicken
> Premier can calculate the stuff for Schedule D using both the actual cost
> and average cost methods to aid in selecting which is better for tax
> purposes.
>
> How is this done?
>
> I only see references to actual cost in the Help.

Average cost is only available for mutual funds. Is your investment
identified as a mutual fund? If not, you can only use the specific share
method.

Ira Smilovitz



Posted by Howard Kaikow on March 10, 2007, 5:44 pm
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> > Someplace, I cannot recall where, I saw something that stated that
Quicken
> > Premier can calculate the stuff for Schedule D using both the actual
cost
> > and average cost methods to aid in selecting which is better for tax
> > purposes.
> >
> > How is this done?
> >
> > I only see references to actual cost in the Help.
>
> Average cost is only available for mutual funds. Is your investment
> identified as a mutual fund? If not, you can only use the specific share
> method.

Thanx.

All the investments are mutual funds.
Do not know if they are identified as such.
All the transactions, except for 1 day, were automatically downloaded from
Fidelity, so I ASSuME that they are correctly identified.
How can I tell how the investment is identified?

I could not find any reference to "average cost" in the Help.

Does it matter whether the funds are in a non-taxable account?
The cost basis does not really matter in a non-taxable account, but that's
all I've got to work with, for now, in the trial version.



Posted by R. C. White on March 10, 2007, 9:25 pm
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Hi, Ira.

> identified as a mutual fund? If not, you can only use the specific share
> method.

Did LIFO and FIFO get eliminated since I retired? Or have I misunderstood
the question - or your answer?

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Vista Ultimate x64)

>> Someplace, I cannot recall where, I saw something that stated that
>> Quicken
>> Premier can calculate the stuff for Schedule D using both the actual cost
>> and average cost methods to aid in selecting which is better for tax
>> purposes.
>>
>> How is this done?
>>
>> I only see references to actual cost in the Help.
>
> Average cost is only available for mutual funds. Is your investment
> identified as a mutual fund? If not, you can only use the specific share
> method.
>
> Ira Smilovitz


Posted by Ira Smilovitz on March 10, 2007, 11:36 pm
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> Hi, Ira.
>
>> identified as a mutual fund? If not, you can only use the specific share
>> method.
>
> Did LIFO and FIFO get eliminated since I retired? Or have I misunderstood
> the question - or your answer?
>
> RC

I suspect you misunderstood one or the other. FIFO is still the default
method for determining the cost basis on a sale. You can also choose to
specify which shares were sold provided you follow the rules about getting
confirmation of your instructions from the broker. However, you can't choose
to use an average cost basis unless you are selling a mutual fund. As far as
I know, these rules haven't changed in many years, maybe never.

Ira Smilovitz



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