Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev Thread | Next Thread
Author: texandesi Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: Calculating capital gains Date: 6/21/2003 2:28 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi,

I had purchased some shares with Datek and later transferred them to Scottrade. Microsoft Money calculates the cost basis as of the day of transfer, instead of the day of purchase.

What is the correct way of calculatign the Capital Gains on these shares?

Rgds,
TD
Print the post Back To Top
Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65943 of 121572
Subject: Re: Calculating capital gains Date: 6/21/2003 2:39 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 2
I had purchased some shares with Datek and later transferred them to Scottrade. Microsoft Money calculates the cost basis as of the day of transfer, instead of the day of purchase.

What is the correct way of calculatign the Capital Gains on these shares?


For tax purposes your basis is what you paid for them, including commissions. If no one here can tell you how to fix the MS Money figure, you might want to see if you can find an MS Money users group.

Phil

Print the post Back To Top
Author: TMFDj111 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65944 of 121572
Subject: Re: Calculating capital gains Date: 6/21/2003 2:47 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
If no one here can tell you how to fix the MS Money figure, you might want to see if you can find an MS Money users group.

Mastering Quicken discussion board
http://boards.fool.com/Messages.asp?bid=113641

Mastering Microsoft Money discussion board
http://boards.fool.com/Messages.asp?bid=112986

David Jacobs
TMFDj111

Print the post Back To Top
Author: Crosenfield Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65945 of 121572
Subject: Re: Calculating capital gains Date: 6/21/2003 2:50 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 2

"I had purchased some shares with Datek and later transferred them to Scottrade. Microsoft Money calculates the cost basis as of the day of transfer, instead of the day of purchase.

What is the correct way of calculatign the Capital Gains on these shares?"

From the day of purchase. If you had sold and repurchased, that would be different, but moving the shares from one broker to another is not a taxable event.

Best wishes, Chris


Print the post Back To Top
Author: edcosoft Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65946 of 121572
Subject: Re: Calculating capital gains Date: 6/21/2003 4:32 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Yeah, Quicken does that too. Also uses the date of a stock distribution instead of purchase date also. Don't know why they can't figure these out. ed

Print the post Back To Top
Author: geocarw Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65949 of 121572
Subject: Re: Calculating capital gains Date: 6/22/2003 12:19 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
TMFDj111 - What is the proper way to link to a message board? In your message I note it appears to show the current last message on the board. When I try a link to a board, it shows a screen full of messages which does not stay current over time. It seems I read how to do this in the Help files once upon a time but cannot find a reference now.

George

Print the post Back To Top
Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65951 of 121572
Subject: Re: Calculating capital gains Date: 6/22/2003 1:03 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
TD,

I have always used delete shares/add shares to transfer shares. Money does have a feature to transfer accounts. I have not attempted to merge accounts with the transfer function.

When adding shares to an account the price/total fields are used to setup the cost basis. The conflict is that if the purchase date is used for the transaction date then the history of the account is incorrect but the capital gains calculations are correct.

Debra

Print the post Back To Top
Author: texandesi Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65952 of 121572
Subject: Re: Calculating capital gains Date: 6/22/2003 4:29 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0

I have always used delete shares/add shares to transfer shares. Money does have a feature to transfer accounts. I have not attempted to merge accounts with the transfer function.

When adding shares to an account the price/total fields are used to setup the cost basis. The conflict is that if the purchase date is used for the transaction date then the history of the account is incorrect but the capital gains calculations are correct.


I found a way to get around the limitation with the following steps -

01. Export all investment accounts and their corresponding cash accounts.
02. Create an investment watch account.
03. Import all exported data to the watch account.

Voila! I have a record of all investment activity before taxes. It was heartening to see that my investment portfolio has grown at a CAGR of 8% in last 2.5 years since I started investing, as opposed to a MS-Money calculated rate of -2%

One caveat is that MS-Money being the darling it is, it is now using the watch account in its list of accounts for invesment returns. To avoind this problem, it might be better to create a separate file for watch transactions.

Thanks everyone for helping.

Rgds,
TD

Print the post Back To Top
Author: TMFDj111 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65953 of 121572
Subject: Re: Calculating capital gains Date: 6/22/2003 5:03 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
What is the proper way to link to a message board?

Writing an answer to this question is a little like giving written directions to tie shoelaces. I know how to tie my own shoelaces, and showing someone how to tie shoelaces is easy, but writing directions to tie shoelaces is a whole different story.

If this explanation is condescending, I apologize. On the other hand, if this explanation raises more questions, PLEASE let me know and I'll try again.

The easiest way for me to link to a BOARD (as opposed to a specific message) is to surf to the board, and then copy the URL into my clipboard. For clarity, the URL is the text string that appears in the "address" window of your browser. To copy, highlight the URL, and then type CRTL-C (hold down the "control" key and tap the "C" key).

After I copy the URL to my clipboard, then I surf to the reply window and paste the URL into the appropriate spot of my reply. To paste, left-click at the point you want to insert the URL, and then type CTRL-V (hold down the "control" key and tap the "V" key).

When I'm replying to posts, the way I surf to another TMF discussion board is I open a new instance of my browser. Typically I have two or three instances of my browser open, so in reality I just switch to another browser window. However, if I really and truly need to open a new instance of my browser (on my PC machine), I launch a new instance from the Start button, or more typically I hold down the SHIFT key and left-click on any link appearing anywhere on the page.

Now here's the tricky part. Look at that URL. You should see a text string that looks like http://boards.fool.com/Post.asp?bid=######, where ###### is a number unique to that particular board. If you see a string mid=######, that mid string is taking you to a particular post on the board. Sometimes you may see some other stuff in the URL, and that other stuff does still other things. Delete everything that doesn't look like http://boards.fool.com/Post.asp?bid=######.

After you edit the URL, test the new URL by clicking the Preview Reply button, and then clicking on the link for your edited URL. Then click on your back button, then click on the Edit Reply button, and you're back to where you were before you hit the Preview Reply button. If you're link took you where you expected, then you're done with that part of your reply. If not, then fiddle with the URL until you get it right.

At this stage of the game, I get the URL right 99% of the time, but I still make occasional mistakes. However, when I was just starting out, my success rate with URLs was poor. It does take some experience.

Here are some other hints:

1. I often compose replies in MS Word, and then I copy the reply from Word to the TMF reply window. Word let's me use the spell checker, and it's a little harder to lose a draft reply in Word than it is to lose a draft reply in TMF's reply window.

2. I often save key text in Notepad files. Notepad is just ASCII text, so I can copy and paste to other applications easily.

3. My "secret resources" for computer information are:

TMF's Help with this STUPID computer! discussion board:
http://boards.fool.com/Messages.asp?bid=112909

O'Reilly Publishers' (http://www.oreilly.com/) Annoyances web site:
http://www.annoyances.org/

Woody's Office Portal:
http://www.wopr.com/

I hope this helps. If not, then please reply, and I'll try harder.

David Jacobs
TMFDj111

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post Back To Top
Author: geocarw Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65959 of 121572
Subject: Re: Calculating capital gains Date: 6/22/2003 10:54 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
TMFDj111

Writing an answer to this question is a little like giving written directions to tie shoelaces.

Thanks, I now know how to tie my shoelaces!

Thanks again - George

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev Thread | Next Thread
Advertisement