transfer security from 1 investment account to another
I am getting rather frustrated trying to move a mutual fund from 1 account to another. (we changed brokerages) I don't really want to record it as a selltransfer as i then have to buy in the other account, as I lose my cost basis. When I try to do transfer, it won't let me pick the mutual fund, although it does show greyed out in the background, until I hit enter, but then shows up blank at the other account and still shows I have those shares in the original account.
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1 Posted by Ben Spencer on Jan 09, 2010 @ 09:10 PM
I am afraid it is not possible to do a transfer of securities from one investment account to another. The only way to do it is as a SellXfer in the original account and then a Buy in the destination account. You must do the sell and the buy at the same price and I recommend that the price be the original purchase price of the security such that the gain is the same.
I realize that this is not ideal and i am sorry for the inconvenience.
Sincerely
Ben Spencer
2 Posted by CJ on Jun 09, 2010 @ 01:34 AM
Hello,
I'm checking to see if this is on the radar for any upcoming release? I have moved my investment account to a new broker and am trying to figure out how to generate an accurate Capital Gains report. Being able to transfer shares without any reflection on Capital Gains report is essential in my opinion.
Thanks
3 Posted by John Selden on Jun 09, 2010 @ 02:27 PM
I've been asking for this feature for a long time. If I'm not mistaken, it looks like something similar was added starting with build 750. The change log states "Allow investment registers to perform limited batch change-account actions on transactions." I haven't experimented with this. Based on the language, it wouldn't let you move all the holdings of a security to a new account in one step, but you could try batch changing all the transactions involving that security to the new account. I'll be curious to hear how this works for anyone who needs this feature.
4 Posted by Oilcan on Jun 10, 2010 @ 12:58 AM
If you "have moved my investment account to a new broker" - meaning all Investments in that Account, I just rename the Account, Disable the Online Setup with the Old FI and Enable the Online Setup with the New FI. You will probably get some transactions from each of your brokers showing a "removal" of shares and "add" shares which you probably can delete. You will also need to deal with your Cash Sweep (which if it is recorded as shares, should sell at $1) which would generate no capital gains. I have done this a number of times over the years.
If you moved the securities to an already existing FI Account, you will not be able to use this method.
5 Posted by CJ on Jun 10, 2010 @ 02:33 AM
Thanks Oilcan, that's an approach I haven't thought of. In my case, I had two separate brokerage accounts that were active simultaneously for several months. I decided to consolidate them, and moved all investments from one account to another. In theory, your suggested approach would work, as all transactions in each would merge (minus the add/removal of shares that I could delete), which I could accomplish through either batch changes in Moneydance or through export/import functions. Bank account transfer history would show a single brokerage account to deposit to. I suppose that would be fine from a tax accounting perspective. Not perfect, but it seems to be the best solution I've heard so far. Thanks again.
Angie Rauscher closed this discussion on Jul 24, 2011 @ 07:54 PM.