M2004 - Selling specific lots with Fidelity


B

- Bobb -

Has anyone sold specifc lots with Fidelity ?
By default isn't gain/loss in Money based on FIFO or averaging ?
How do you reconcile the shares in Money if specifc lots chosen ?

Yesterday I sold 3 mutual funds. I chose which lots to sell online.
I then manually entered the info into Money to choose the specific lots.
Today I downloaded my info and did not know what to expect as far as reconciling : how would the lots appear on the transaction
? - would it ask me or not ?
I connected to online services and Money show three pending transactions. But no detail yet.
I accepted the first one - Money bugchecked - warned me - then exited.
Money restarted - showed 2 pending. I accepted the next : Money bugchecked - warned me - then exited.
Same for the third.

This is the first time I've sold any of these funds, so how to choose which lots if not manual ?
I could delete the 3 sales and import but wondering if others have already " been here - done that"


Bobb
 
Ad

Advertisements

C

Cal Learner-- MVP

In said:
Has anyone sold specifc lots with Fidelity ?
By default isn't gain/loss in Money based on FIFO or averaging ?
How do you reconcile the shares in Money if specifc lots chosen ?

Yesterday I sold 3 mutual funds. I chose which lots to sell online.
I was unaware that Fidelity had the ability to do lot selection on
line. Neat.
I then manually entered the info into Money to choose the specific lots.
Today I downloaded my info and did not know what to expect as far as reconciling : how would the lots appear on the transaction
? - would it ask me or not ?
I connected to online services and Money show three pending transactions. But no detail yet.
I accepted the first one - Money bugchecked - warned me - then exited.
Money restarted - showed 2 pending. I accepted the next : Money bugchecked - warned me - then exited.
Same for the third.

This is the first time I've sold any of these funds, so how to choose which lots if not manual ?
I could delete the 3 sales and import but wondering if others have already " been here - done that"
You can select which kind of Cost Basis is used in the Details for
the particular fund. You might need to Void the sells you entered
already. Switch to ActualCostBasis in the drop-down list. Then
un-Void each sale, starting with the oldest. I expect Money to ask
which lots you are selling.
 
C

Cal Learner-- MVP

In said:
You can select which kind of Cost Basis is used in the Details for
the particular fund. You might need to Void the sells you entered
already. Switch to ActualCostBasis in the drop-down list. Then
un-Void each sale, starting with the oldest. I expect Money to ask
which lots you are selling.
Also, make sure that
Tools->Options->Investments->TrackAllInvesmentsAsFIFO is cleared.
 
B

- Bobb -

Re:
I was unaware that Fidelity had the ability to do lot selection online.
You have to manually elect to do so - do it online and then next day it is an option in your account.
AND - although at the Fidelity site it warns you to be aware as this will affect your " Entire Account", it does not. It DOES
affect your entire POSITION. So after I elected to track sales by lot, I was then brought to the next screen where I chose which
funds to apply that too. So , some of my real old funds that they've tracked as FIFO I left alone and only turned this on for
funds that I had never sold yet.
BTW, I wrote them on that and they are escalating to have the wording on the website changed.

The reason I did so is that I have a few funds that I've DCA'ed into. On the early shares I've done well, but since the buys of
last July , they've done nothing. In fact I bought some Muhlenkamp last July and sold this week - for - the same exact price. So
this way for IRS I have no gain.

I had no problem entering the lot info into Money - just reconciling the download .

bobb
========
 
C

Cal Learner-- MVP

In said:
The reason I did so is that I have a few funds that I've DCA'ed into. On the early shares I've done well, but since the buys of
last July , they've done nothing. In fact I bought some Muhlenkamp last July and sold this week - for - the same exact price. So
this way for IRS I have no gain.

I had no problem entering the lot info into Money - just reconciling the download .
I do not understand this last sentence. I had thought that you were
having difficulty telling Money which lots you were selling.
 
Ad

Advertisements

B

- Bobb -

Cal Learner-- MVP said:
In microsoft.public.money, - Bobb - wrote:
Bobb said:
I had no problem entering the lot info into Money - just reconciling the download .
Sorry for the confusion. If I do it manually - it's fine.
My problem is -
If I download the info, how do I then specify the lots that I've sold ? If I just " import it " by default, Money ( from a year
end tax report view ) assumes FIFO.
Example:
Over time I buy [email protected] , [email protected] , and [email protected] now, I manually sell [email protected] and choose the last lot in Money = OK.
If I download [email protected], and import that, by default my cost basis is NOT 85, so it shows as a gain in Money. How to get the download
to reflect the sale of the $85 lot ?
 
C

Cal Learner-- MVP

In said:
Sorry for the confusion. If I do it manually - it's fine.
My problem is -
If I download the info, how do I then specify the lots that I've sold ? If I just " import it " by default, Money ( from a year
end tax report view ) assumes FIFO.
Example:
Over time I buy [email protected] , [email protected] , and [email protected] now, I manually sell [email protected] and choose the last lot in Money = OK.
If I download [email protected], and import that, by default my cost basis is NOT 85, so it shows as a gain in Money. How to get the download
to reflect the sale of the $85 lot ?
Make sure that
Tools->Options->Investments->TrackAllInvesmentsAsFIFO is cleared.

You can select which kind of Cost Basis is used in the Details for
the particular fund. You might need to Void the sells you entered
already. Switch to ActualCostBasis in the drop-down list. Then
un-Void each sale, starting with the oldest. I expect Money to ask
which lots you are selling.

In the future, when you download more shares and there is a choice,
it should ask.
 
B

- Bobb -

Cal Learner-- MVP said:
Make sure that
Tools->Options->Investments->TrackAllInvesmentsAsFIFO is cleared.
It was / is .
You can select which kind of Cost Basis is used in the Details for
the particular fund.
You might need to Void the sells you entered already.
Switch to ActualCostBasis in the drop-down list.
Then un-Void each sale, starting with the oldest.
I expect Money to ask which lots you are selling.
THAT's what was not right. Excellent. Now I have all funds that I've not sold any shares set as "Actual Cost Basis"
( I'll leave the others alone for now until tax year is over, so that I can reconcile my broker reports with Money since on
previous sales I did NOT specify so avg cost is correct.)
In the future, when you download more shares and there is a choice, it should ask.
Thanks once again Cal.
Regards,
Bobb
 
Ad

Advertisements

B

- Bobb -

Cal,

I did exactly as you said:
You might need to Void the sells you entered already.
Switch to ActualCostBasis in the drop-down list.
Then un-Void each sale, starting with the oldest.
I expect Money to ask which lots you are selling.
Then I 'read online statement' - imported and ...
no more bugchecks when I download the info !!
I do hope that Microsoft pays you well for this support as we'd be lost without you.

Bobb

BTW - I do have another question raised by my inlaws ... I'll create a new thread
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top