transferring shares between investment account

Terry Christian's Avatar

Terry Christian

20 Dec, 2023 05:34 AM

I tried to transfer mutual fund shares from one account to another but found that the only way I could make it work was to sell the shares first... transfer the cash from one account to the other, and then buy new shares. Is there a way to move the shares from one account to another without selling?

  1. 1 Posted by dtd on 20 Dec, 2023 06:46 AM

    dtd's Avatar

    You did it the way MD is designed to do it. (It could definitely be better.)

    There is no way (other than maybe toolbox) to do this at this time.

  2. 2 Posted by Stuart Beesley ... on 20 Dec, 2023 08:20 AM

    Stuart Beesley (Mr Toolbox)'s Avatar

    You have to sell, xfr, buy, using the cost basis as the sell/buy price (not the market value)

    Toolbox can move the actual historical txns from one account to the other as if the shares were never in the source account. Depends what you are trying to achieve.

  3. 3 Posted by he on 27 Dec, 2023 02:46 PM

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    Using your method of selling the securities first, transferring the cash, then buying new shares in the "transferred to" account will:

    • Affect cost basis if the same action is not taken at your brokerage firm. This may not matter to you if you don't file US income taxes.
    • As previously mentioned, there's a toolbox tool that allows you to move securities from one account to another while preserving cost basis. It works beautifully.
  4. 4 Posted by dtd on 27 Dec, 2023 09:59 PM

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    @he - you preserve cost basis if you sell/buy at the cost basis price, as Stuart notes:

    You have to sell, xfr, buy, using the cost basis as the sell/buy price (not the market value).

    You are correct about the toolbox tool... I personally prefer the first method, as I like to know historically where the money was and when it was moved. [I would prefer an action type versus the sell, xfr cash, buy bit, but cost basis is preserved by following Stuart's directions]

  5. 5 Posted by dwg on 27 Dec, 2023 11:17 PM

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    The Toolbox tool was developed because of the difficulties in transferring securities between accounts. As a program based on accounting rules you cannot take some shares i.e. something of value and just move them around, you need to move the value as well in some way.

    I have floated some ideas in the past about ways of doing this with the developer, but they still involve using the cost basis, never the market value. What is in the Moneydance data is the cost value, what you see in many Moneydance reports and displays is the current market value which is just calculated at run time,

  6. 6 Posted by Terry Christian on 28 Dec, 2023 03:56 PM

    Terry Christian's Avatar

    Thank you all for your help with this. The clumsier sell, transfer, buy method will work for me as I will pay tax on the transferred amount and my "transfer to” account is a tax free Roth (U.S.) account so a basis will not be needed.

  7. 7 Posted by jdien07 on 01 Jan, 2024 03:56 AM

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    I'd like to add my vote to having a better way of handling this situation. It seems like a batch of securities might be better represented as an object (in the Java sense) with a history of associated accounts, allowing the securities to be moved around freely. MD could then determine the current holdings of an account on the fly, as needed.

  8. 8 Posted by kris on 23 Mar, 2024 03:57 PM

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    I'm also in favor of a solution like this.
    I had investments with 2 different banks that have merged, bringing all investments together in one investment account at the bank. It looks like really cumbersome to bring my money dance file in sync with this new situation.

  9. 9 Posted by Eduardo on 12 Apr, 2024 12:53 AM

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    Hi, where can I find the Toolbox tool and how do you use it? I have closed the brokerage account I had in one bank and need to move the stock to another bank where I already have other stock. Thanks

  10. 10 Posted by jdien07 on 12 Apr, 2024 12:59 AM

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    You can install it via the Extensions menu, via Manage Extensions... It's one of the available Extensions.

  11. 11 Posted by Eduardo Zalduen... on 12 Apr, 2024 03:50 AM

    Eduardo Zalduendo's Avatar

    Thanks, worked well
    Was able to transfer to account
    Sent from Gmail Mobile

    On Thu, 11 Apr 2024 at 9:59 PM jdien07 <[email blocked]>

  12. 12 Posted by rivernut on 18 Jun, 2024 12:44 PM

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    What is this tool called and which versions of MD have it?
    I need to do this as well but do not see this tool as an available extension.
    Thanks in advance.

  13. 13 Posted by Stuart Beesley ... on 18 Jun, 2024 01:03 PM

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    As mentioned above. Toolbox extension.

  14. 14 Posted by rivernut on 18 Jun, 2024 04:56 PM

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    No such thing listed under Manage Extensions. Again, where?

  15. 15 Posted by Stuart Beesley ... on 18 Jun, 2024 05:10 PM

    Stuart Beesley (Mr Toolbox)'s Avatar

    What version of MD?

  16. 16 Posted by Stuart Beesley ... on 18 Jun, 2024 05:11 PM

    Stuart Beesley (Mr Toolbox)'s Avatar

    If less than build 3069 then too old for toolbox

  17. 17 Posted by rivernut on 19 Jun, 2024 12:14 AM

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    Ah, that's the problem. My version is much older.

  18. 18 Posted by Stuart Beesley ... on 19 Jun, 2024 06:45 AM

    Stuart Beesley (Mr Toolbox)'s Avatar

    Then, the tool is not available to you.

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