I've gone through many broker changes and transfers from a company DRIP
to a broker over the years when my shares moved over with no
significant* transaction. I didn't even have to re-title the account (or
the spreadsheet file, back in the Days Before Gnucash), since the parent
is simply titled "Individual Stocks" with the actual broker tracked in
the account description. It's simply a change of the street name
associated with the stocks. Of course, I'm a **very** small investor, so
my bookkeeping and tax situations are not very significant - I treat the
individual stock investing as essentially entertainment.
IRA and 401K situations are likely different, involving rollover issues
that can be confusing. I had a couple of those when leaving a company
and trying to roll a small 401K into a IRA. Caught and fixed it before
taxes were filed (outside of Gnucash, with appropriate transactions then
recorded in GNC).
* "Significant" -- many of those transfers, and also some corporate
spinoffs/breakups/mergers, throw off small amounts of cash, that can
trigger capital gains/losses, when fractional shares (that accumulate
when reinvesting dividends) are liquidated. Transfers of shares between
brokers usually have to be in whole numbers. My biggest challenge with
those little bits of cash is figuring out what the basis is, especially
for stocks that I've held for a long time (more than 10 years) - but
that's beyond Gnucash issues.
-Mike B
On 11/20/2024 9:00, [email protected] wrote:
Date: Wed, 20 Nov 2024 08:15:13 -0600
From: David Carlson <[email protected]>
To: "[email protected]" <[email protected]>
Cc: [email protected]
Subject: Re: [GNC] How to record the transfer of securities directly
from one broker to another
Message-ID:
<cadygsbnvdz3vgk8m5qf3nosechldhzeyrg36uvdn-8zo3dx...@mail.gmail.com>
Content-Type: text/plain; charset="UTF-8"
Thanks for the suggestions so far. I had not thought of the re-parent
option. That would be quite easy, although I had embedded a hint at the
broker name in the names of the original set of security accounts, which
would complicate that process a bit if I use it. I know that there is no
need in GnuCash to accurately reflect all the details required to be 100 %
legal with the government regulations. The new brokerage identifies each
transaction as 'Transfer of Assets ACAT Receive' and they do include a
value for each security, but I am sure there is further documentation not
shown that could (and would) be used for regulation compliance. This case
is a roll-over IRA and so the regulations are a little different than for
other types of accounts. I think the biggest problem might be how to
handle GnuCash reports about the history with the previous brokerage after
the re-parenting. A big part of my final decision will be how much work
does it take to implement it and whether details that I consider important
are included. Maybe I would need to create a separate set of 'Before'
books to use for some reports.
On Wed, Nov 20, 2024 at 5:42?AM [email protected] <[email protected]>
wrote:
Imight just create the base brokerage account and reparent the individual
stock and mutual fund accounts into the new brokerage.
Otherwise, zero dollar transactions sending shares only? Note that this
would likely affect capital gains calculations...
?David T.?
On Nov 20, 2024, 9:19?AM, at 9:19?AM, David Carlson <
[email protected]> wrote:
I opened a new brokerage account at a different provider and I asked
them
to transfer all the securities directly from the previous provider
without
selling and buying. This was allowed, I think, because they were all
held
in street name at the previous provider. They are both US brokerage
houses.
I do not see that scenario covered in the Tutorial. How should I cover
this in GnuCash? I presume that I need to create a group of accounts
similar to the old set for the new broker, but then how do I move the
securities without selling and buying?
--
David Carlson
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