Changing Cost Basis

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gordongardner

15 Apr, 2015 09:38 PM

How can the cost basis be amended? I Combined two brokerage accounts into one. In the closed account sold all items at $0 and added the units as Buy at $0 but need to increase the cost. Also Is it possible to indicate the original acquisition cost other than in the Edit Security comments. Both these numbers are required to establish Adjusted cost basis for Tax filing when a sale occurs.

Many requests have been made in the past under Ticket #339? to facilitate transfer of investments between accounts? Is this still being investigated?

Regards

Gordon

  1. 1 Posted by dwg on 15 Apr, 2015 09:53 PM

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    I would suggest that instead of selling and buying at $0 that you do the transactions using the actual original cost price. This would ensure that the sale does not result in reports showing what is probably a capital loss on your old brokerage account and ensure when you do a sale on the new that the correct cost price is used.

    Des

  2. 2 Posted by Gordon Gardner on 16 Apr, 2015 07:18 PM

    Gordon Gardner's Avatar

    Des,

    Thank you for your response & suggestion. This seems to be the solution I was looking for. Unfortunately I will have to go back and change all the entries already made. I’m using not only the original cost but have included additions and return of capital and did the buy and sell based on this figure.

    Your assistance is greatly appreciated.

    Gordon

  3. 3 Posted by dwg on 16 Apr, 2015 09:42 PM

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    If you want to use adjusted figures in the new brokerage then after doing the sell at the original price you might like to pass entries to drop the value by the return of capital amounts before you purchase as the revised unit price. If you need to do nothing else with the funds then a MisExp entry could achieve this.

    Yes I know MD needs a RoC transaction as well.

    Des

  4. System closed this discussion on 19 Mar, 2016 04:56 AM.

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