I had a few shares of a company gobbled up by a merger. The exchange gave me cash, not stock, back. I can find no option in the investment transaction area that gives me that facility. Am I missing it, or is there another way to do it?
Thanks,
jo
Why not just sell the shares.
Simple. I still think that Quicken should offer the option explicitly, just for transparency, or at least give instructions on how to effect the same end result.
But as John suggested, isn't the net effect a sale of your stock? Aren't you liable for any capital gains on the cash received, and aren't you going to be receiving some paperwork (perhaps 1099-B) indicating a 'sale' occured for reporting purposes? I might be totally missing something, but the fact you got the cash back indicates that indeed your agent *did* sell your stock.
---------------------------------------------------- Regards -
- Andrew
Yes, you and John are both correct: it is, at bottom line, a sell of the stock. I'm just thinking on behalf of others like me (there must be more than one) who would like Intuit to include just a one line sentence in their online help that says something like "If the company your security merged with paid cash instead of stock equivalent, treat it as a simple sell of the original shares". It could have been a footnote to the section on mergers with shares back. I hate halfbaked documentation. I want it to be super easy to find how to deal with oddball accounting situations. They are frequently obvious to others, but not to my brain, except when pointed out. Thanks for taking the time to reply.
jo
You are beginning to get into the realm of "investment advice". It may not seem that way to you, but telling you (suggesting to you) how to treat investment transactions can have significant ramifications. Personally, I'm just as glad that Intuit is not sticking their neck out in this area ... someone would surely find Intuit liable for "bad" investment advice. Intuit should stick to telling you what each of its transaction types actually do in Quicken ... it's up to you to determine how to use those transaction types.
When you think about investing and government, you have to understand that Help file information can become obsolete almost before it gets into the hands of users ... what about one, two, or more years after the product is purchased.
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