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Gift to son and daughter treatment

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Alan Thompson

29 Oct, 2024 03:43 PM

I record my shares and dividends placed in mine and my wife's name in separate Interactive Investor accounts and have these logged in Moneydance on my computer.
I have gifted these shares to my son and daughter in view of advancing years without selling them first and would be grateful to know how I can remove them from my Moneydance system

1. 1 Posted by Stuart Beesley ... on 29 Oct, 2024 05:27 PM

   

   In Moneydance that's a SellXfr transaction and use the cost basis as the sale value.. Transfer the funds to a suitable category - e.g. IHT gifts..

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2. 2 Posted by Alan Thompson on 31 Oct, 2024 03:54 PM

   
   
   

   I tried to transfer the cash in the account using Xfr Transfer funds to from another account but it merely adds the cash to the existing amount in effect doubling the amount in the account rather than reducing it to nil.

   
   

   I can’t work out why and would appreciate your help

   
   

   Regards

   
   

   Alan Thompson 
   

   Sent from my iPad

   
   

   On 29 Oct 2024, at 17:27, Stuart Beesley (Mr Toolbox) <[email blocked]> wrote:
   
   

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   // Please reply above this line ================================================== From: Stuart Beesley (Mr Toolbox) In Moneydance that's a SellXfr transaction and use the cost basis as the sale value.. Transfer the funds to a suitable category - e.g. IHT gifts.. On Tue, Oct 29 at 08:43 AM PDT, Alan Thompson wrote: I record my shares and dividends placed in mine and my wife's name in separate Interactive Investor accounts and have these logged in Moneydance on my computer. I have gifted these shares to my son and daughter in view of advancing years without selling them first and would be grateful to know how I can remove them from my Moneydance system

   Having trouble reading this? View this discussion online: Gift to son and daughter treatment. Reply with #ignore to stop receiving notifications for this discussion.

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3. 3 Posted by Stuart Beesley ... on 01 Nov, 2024 11:08 AM

   

   Have you done a SellXfr and an Xfr? If so, just do one or the other, not both.

   Otherwise, please explain what MD txns you have done?

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4. 4 Posted by dwg on 01 Nov, 2024 11:46 AM

   

   To use a XFR to transfer funds out of an account you use a negative amount, you are taking the money out of the account.

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5. System closed this discussion on 31 Jan, 2025 11:50 AM.