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Posted by R. C. White on March 4, 2007, 10:09 pm
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Hi, BAD.
Don't Edit the gains. Delete the Sell transaction and re-enter it. Rather
than enter any cost number, tell Quicken you want to Specify Lots, then use
the mouse to point to the correct lot and let Q supply the cost number from
its internal data, avoiding any problems with rounding.
Perhaps the rules have changed since I retired (in the 1990's). In order to
select lots, we had to instruct the broker, before the sale, to sell from a
particular lot. Also, we could not use average cost; we were limited to
LIFO, FIFO or specific identification and, once we chose one, we had to
stick with it, at least for that security. Have you discussed these rules
with your own CPA or with the broker?
I understand that average cost IS allowed now for mutual funds, but I've not
actually investigated that.
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)
> I'm reviewing my Capital Gains Report for last year inQ2007. One of the
> sales seems off. Looks like an incorrect cost basis. I can't figure out
> how to go in and edit the cost basis. I think I might have chosen the
> wrong lot basis. Using select lot and not average cost for this one
> transaction.
>
> I'm a long time Quicken user, but I'm having trouble with this
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