How to enter ETF transactions into Q
in [Quicken]
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From: Art Matz on 4 Mar 2010 16:26 Here is what I came up with: (3 transactions) 1. Return of capital of 29.33 which reduces my Cost Basis. 2. Short term gain for 1.54 (Shows up with dividends though instead of the Capital Gains report) 3. Miscellaneous expense (Investment Expense) of 30.87. "Art Matz" <amatz(a)invalid.com> wrote in message news:A_ydnQxQVeFDaxPWnZ2dnUVZ_uudnZ2d(a)earthlink.com... >I have a Gold ETF. During the year, no transactions for this ETF were on my >brokerage statements. > > But on my 1099-B detail for this ETF (one month example): > > Date Sold = 5/31/09, Qty = 0, Proceeds = 30.87, Cost Basis = 29.33, > Gain/Loss = 1.54 > > It also section called Proceeds Investment Expenses - Detail Information > > Date = 5/31/09, Amount = 30.87- > > > I was told I could claim the 30.87 as investment expense. Also, the cost > basis for this position was reduced by the 29.33. > > How do I enter a transaction in Q which will reduce my cost basis by > 29.33, show with a capital gain of 1.54 for 0 shares and investment > expense of 30.87 > without affecting the number of shares and money in my account? > >
From: TomYoung on 4 Mar 2010 16:39 I actually tried my suggestion - in a TEST file - of splitting shares into ounces, selling ounces, creating Investment Expense in the amount of the sale proceeds ($0 cash effect in account) and then converting back into shares. I did the first split on 12/30/2009, then entered the transactions, then did the reverse split on 12/31/2009. Also adjusted the GLD "share" price on 12/30/2009 to get back to the correct Market Value on that day. Everything came out OK, though I had to do a very small "added transaction", at $0 cost, to get back to the correct number of shares. Everything came out OK, proper gain on sale, proper basis adjustment, etc., but it sure seems like a lot of work for very little purpose. Tom Young On Mar 4, 1:26 pm, "Art Matz" <am...(a)invalid.com> wrote: > Here is what I came up with: (3 transactions) > > 1. Return of capital of 29.33 which reduces my Cost Basis. > 2. Short term gain for 1.54 (Shows up with dividends though instead of the > Capital Gains report) > 3. Miscellaneous expense (Investment Expense) of 30.87. > > "Art Matz" <am...(a)invalid.com> wrote in message > > news:A_ydnQxQVeFDaxPWnZ2dnUVZ_uudnZ2d(a)earthlink.com... > > >I have a Gold ETF. During the year, no transactions for this ETF were on my > >brokerage statements. > > > But on my 1099-B detail for this ETF (one month example): > > > Date Sold = 5/31/09, Qty = 0, Proceeds = 30.87, Cost Basis = 29.33, > > Gain/Loss = 1.54 > > > It also section called Proceeds Investment Expenses - Detail Information > > > Date = 5/31/09, Amount = 30.87- > > > I was told I could claim the 30.87 as investment expense. Also, the cost > > basis for this position was reduced by the 29.33. > > > How do I enter a transaction in Q which will reduce my cost basis by > > 29.33, show with a capital gain of 1.54 for 0 shares and investment > > expense of 30.87 > > without affecting the number of shares and money in my account?
From: wbertram on 4 Mar 2010 18:01 On 3/3/2010 6:55 PM, Art Matz wrote: > I have a Gold ETF. During the year, no transactions for this ETF were on > my brokerage statements. > > But on my 1099-B detail for this ETF (one month example): > > Date Sold = 5/31/09, Qty = 0, Proceeds = 30.87, Cost Basis = 29.33, > Gain/Loss = 1.54 > > It also section called Proceeds Investment Expenses - Detail Information > > Date = 5/31/09, Amount = 30.87- > > > I was told I could claim the 30.87 as investment expense. Also, the cost > basis for this position was reduced by the 29.33. > > How do I enter a transaction in Q which will reduce my cost basis by > 29.33, show with a capital gain of 1.54 for 0 shares and investment > expense of 30.87 > without affecting the number of shares and money in my account? > > Have you searched the IRS.GOV site to see how they recommend handling this? Then reproduce that in Quicken.
From: Targ on 4 Mar 2010 18:05 In alt.comp.software.financial.quicken, wbertram(a)teranews.com wrote: > > >Have you searched the IRS.GOV site to see how they recommend handling >this? Then reproduce that in Quicken. Good luck with *that*.
From: TomYoung on 4 Mar 2010 18:31
On Mar 4, 3:01 pm, "wbert...(a)teranews.com" <wbert...(a)rcn.com> wrote: > On 3/3/2010 6:55 PM, Art Matz wrote: > > > > > I have a Gold ETF. During the year, no transactions for this ETF were on > > my brokerage statements. > > > But on my 1099-B detail for this ETF (one month example): > > > Date Sold = 5/31/09, Qty = 0, Proceeds = 30.87, Cost Basis = 29..33, > > Gain/Loss = 1.54 > > > It also section called Proceeds Investment Expenses - Detail Information > > > Date = 5/31/09, Amount = 30.87- > > > I was told I could claim the 30.87 as investment expense. Also, the cost > > basis for this position was reduced by the 29.33. > > > How do I enter a transaction in Q which will reduce my cost basis by > > 29.33, show with a capital gain of 1.54 for 0 shares and investment > > expense of 30.87 > > without affecting the number of shares and money in my account? > > Have you searched the IRS.GOV site to see how they recommend handling > this? Then reproduce that in Quicken. The SPDR Gold ETF site has the tax implications well laid out. http://www.spdrgoldshares.com/media/GLD/file/SPDR-Gold-Trust-Tax-Information-2009.pdf The harder part is making entries in Quicken because you aren't selling shares, you're selling ounces of gold, and you do have to adjust your basis as well as report gain or loss. The method I outlined works, but it's a PITA. Tom Young |