software for tracking DRIPs


A

Anoop Ghanwani

I was wondering if there was any good software out there for
tracking DRIPs. I haven't sold any stock in the past that have
gotten dividends. However, I'm beginning to worry about the
preparation of taxes when I do sell, especially since I reinvest
the dividends. Seems like a complicated thing since we're now
dealing with several fractional stock purchases over a period of
time -- basically a real pain to calculate the tax liability
by hand. -Anoop
 
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B

BreadWithSpam

anoop... i didn't answer this post right away, fer i thought perhaps
another was gonna answer with some software program that's now
available, at a special discounted price... anoop, i've always done
this myself, "by hand", keeping a ledger, one specifically fer just
dividends and another ledger, fer the reinvestment of those dividends...
It would be quite trivial in Quicken which already has
functionality for "reinvest dividends" transactions (which
are really just two transactions combined into one - a
"receive dividend" transaction and a "buy security" transaction -
though Quicken is smart enough to actually track the
"amount invested" seperately from the cost-basis when one
uses the "reinvest" functions). Most folks probably just
use this stuff for mutual funds (for which, for the
overwhelming majority, folks do have dividends reinvested),
but there's no reason not to use it for individual stocks.
 

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