SymbolTransferOut Transaction type

rmweiss12

I am having trouble with transferring stocks "in kind" to a new broker. The cap gains don't come out correct in the new account.

When transferring a stock to another broker, do I need to adjust the sales price in the SymbolTransferOut transaction so the price equals the purchase price thus making the capital gain equal to zero? Or do I simply specify the sales price as the fair price on the day of the sale?

In the new account, the opening balance would be the sell value at cost from the old account?
Is that the same as specifying the original book value in "CostBasisOverride" when using the SymbolTransferIn type transaction?

Thanks very much for clarifying this issue.

VidasMatelis

Hello,

Assuming that you want to keep "Original" cost basis at new broker, you do following:

For SymbolTransferOut you specify Price (price on the day of the transfer) and it is recommended (but not required) to specify CostBasisOverride
For SymbolTransferIn you specify the same Price from the previous "Out" transaction and the same "CostBasisOverride" from the previous "Out" transaction.

rmweiss12

OK; so no need to adjust Transfer out price to get cap gain of zero in the old account?

VidasMatelis

YOu still want to see the price increase in the old account, but NOT realized capital gain in the old account. If you do as I said above, your original account tracks that symbol until it is transfered out and all gains are applicable to old account up to that date. Then you do a transfer and start tracking the same symbol in the new account. When you sell that symbol in the new account, Capital gain will be calculate from CostBaseOverride value.

rmweiss12

Understand. When I sell the stock, remaining issue is the difference between cost basis calculated in PS (Average Cost) and cost basis my broker is using (FIFO), That will result in different cap gain between PS and my brokerage statement. So I need to adjust cost basis override so it matches FIFO cost basis used by my broker to see the same cap gain. Is that correct? I think I read that you have no plans to implement FIFO cost basis in PS. Is that still true? Thanks for all your feedback and the great model you created.

VidasMatelis

Yes, you are correct - after sale you will need to adjust cost basis based on your FIFO method. No plans right now to implement FIFO cost basis into PS.

qosmioamit

I recently transferred brokerages from Questrade to Qtrade. I used the SYMBOLTANSFEROUT and SYMBOLTANSFERIN with COSTBASISOVERRIDE. I did not sell any holdings in my new account, but when I look at the Yrly tab, the "value change" for 2023 is high. I feel the system assumed that I liquidated my holdings. Do you know how I can fix this?

qosmioamit

I feel like the SYMBOLTANSFEROUT is being considered a sale and the capital gain is realized like this thread: https://support.portfolioslicer.com/discussion/582/symboltransferin-symboltransferout-counted-as-realized-capital-gain

VidasMatelis

When you do SymbolTransferOut or In, for the transaction Price you need to specify the price at the time of the transfer. You can also then use CostBasisOverride to speficy CostBasis that you want this new TransferIn have.
Can you please check if your Price column values are right?

qosmioamit

I agree. I have done both those things. Although, I did the CostBasisOverride in the TransferOut and TransferIn transactions.