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Subject:  Re: Merrill Edge Date:  12/9/2018  2:20 PM
Author:  MCCrockett Number:  91049 of 95828

At tax time, I rely quite heavily on exporting my trades into Turbo Tax, especially since I don't trust myself at keeping track of cost basis (especially with dividend reinvestments) and wash sales.

Since the early nineties, I've used Quicken to track the cost basis of my investments in addition to tracking my income and expenses (including taxes) in my banking account. I haven't used TurboTax for the purpose of tracking the cost basis of my investments as it requires that you assume your broker to have the correct cost data.

In 2011, I transferred my accounts from Smith Barney to Raymond James using the Automated Customer Account Transfer Service (ACATS). A major problem with ACATS was the loss of information about the cost basis and date that each lot of shares was purchased although ACATS reported the correct number of shares transferred. I captured the transfers in Quicken but had to manually split each transfer into individual lots to establish the correct cost basis and date of acquisition using Smith Barney monthly statements.

It was a painful 3 month exercise to get all the lots and cost basis data into Quicken. I then used me Quicken data to update the lot and cost basis to update my records at Raymond James.
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