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Financial Planning / Tax Strategies
|Subject: Re: Switching brokers - partial shares||Date: 2/10/2004 12:47 PM|
|Author: Capcon||Number: 69487 of 122998|
No, you're looking for trouble where there isn't any. I know not from Quicken, but you say that it calculated the basis of the whole shares. The basis of the partial share is the total basis minus the basis of the whole shares.
Quicken calculates the cost basis and profit/loss, which I then import into TaxCut. But in reviewing it, I realized that I didn't input the original cost basis for the transferred shares, only the price at the time of transfer.
It was only six stocks, so I guess I'll just calculate them the old-fashioned way and edit the TaxCut form. The rest of my trades (probably a couple dozen) should be accurate in Quicken.
My original thought was that for only $75 profit, it was easier to pay the higher tax rate than it was to do the calc. (I know, the tax pros are cringing here.) In retrospect I realize that the whole-share sale is also inaccurate, so I'm going to have to do those six stocks manually anyway.
Thanks for the quick reply.
Cap (glad I'm doing this in February) :-)
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