OT-Account reconcile help

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    Posted: 29 June 2011 12:57 PM

    Greetings I thought I might seek some help or knowledge from the Board before calling my Brokerage, am not sure if there is some mendacity a foot or some lack of accounting practices on my part:

    Recently I sold 2 lots of AAPL for a bit of a loss that were in the $340.00 range, and then bought back in 320’s.( also specified the lots to be sold using FIFO ) I removed the 2 sold lots from my Numbers spreadsheet, Added in the cost of the shares just bought along with the commission fees. According to calculations I should now be in the green. However the Brokerage shows different figures. While we both agree on the value of AAPLl currently held, the Brokerage seems to show an additional $58.96 to the cost of the stock putting me back in the red.
    Also when I check the lot detail on recent transactions all my cost/share prices have been adjusted upwards which I really do not understand?

    Example:

    On 6/16 bought Shares @ 321.50 per Brokerage shows cost @ 346.46
    On 6/17 bought Shares @ 320.42 per Brokerage shows cost @ 339.11
    On 6/24 bought Shares @ 326.50per Brokerage shows cost @ 332.73

    Also if I go into detail for the 24th it shows adjusted dates acquired as the 19th and the 24th with 2 shares 341.53 described as washsale & 4 @ 328.32 described as Buy FBSI. I don’t understand how they can show completely different dates and pricing?

    On the 24th I sold 6 shares for 331.61 and bought back later in the day @ 326.50.

    I have not yet received the Trade Summary Reports yet to double check against but if i look on the recent history page it show the correct pricing information for shares bought and sold.

    So needless to say am confused any one wishing perhaps to shed some light would be muchly appreciated.


    Cheers,

    The Crazy One….

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    Posted: 30 June 2011 04:58 AM #1

    aaplcrazie - 29 June 2011 03:57 PM

    Greetings I thought I might seek some help or knowledge from the Board before calling my Brokerage, am not sure if there is some mendacity a foot or some lack of accounting practices on my part:

    Recently I sold 2 lots of AAPL for a bit of a loss that were in the $340.00 range, and then bought back in 320’s.( also specified the lots to be sold using FIFO ) I removed the 2 sold lots from my Numbers spreadsheet, Added in the cost of the shares just bought along with the commission fees. According to calculations I should now be in the green. However the Brokerage shows different figures. While we both agree on the value of AAPLl currently held, the Brokerage seems to show an additional $58.96 to the cost of the stock putting me back in the red.
    Also when I check the lot detail on recent transactions all my cost/share prices have been adjusted upwards which I really do not understand?

    Example:

    On 6/16 bought Shares @ 321.50 per Brokerage shows cost @ 346.46
    On 6/17 bought Shares @ 320.42 per Brokerage shows cost @ 339.11
    On 6/24 bought Shares @ 326.50per Brokerage shows cost @ 332.73

    Also if I go into detail for the 24th it shows adjusted dates acquired as the 19th and the 24th with 2 shares 341.53 described as washsale & 4 @ 328.32 described as Buy FBSI. I don’t understand how they can show completely different dates and pricing?

    On the 24th I sold 6 shares for 331.61 and bought back later in the day @ 326.50.

    I have not yet received the Trade Summary Reports yet to double check against but if i look on the recent history page it show the correct pricing information for shares bought and sold.

    So needless to say am confused any one wishing perhaps to shed some light would be muchly appreciated.


    Cheers,

    The Crazy One….

     

    Wash sales, aaplcrazie. 

    http://www.investopedia.com/terms/w/washsalerule.asp#axzz1QkBj5XhQ

    What Does Wash-Sale Rule Mean?

    An Internal Revenue Service (IRS) rule prohibiting a taxpayer from claiming a loss on the sale of an investment when the same investment was purchased within 30 days before or after the sale date. Also know as the “30-day wash-sale rule”.

    Investopedia explains Wash-Sale Rule
    This rule was imposed to crack down on taxpayers trying to get a tax reduction from a wash sale.

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    Posted: 30 June 2011 08:20 AM #2

    Thank’s Eric part of the mystery cleared up.

    Cheers.

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    Lieutenant Dan got me invested in some kind of fruit company…

         
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    Posted: 30 June 2011 08:47 AM #3

    aaplcrazie, Brokerages usually add commissions and fees to the purchase price to get ‘cost of shares’.  If your only buying a few shares this can change the ‘cost of shares’ disproportionately.

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    Posted: 30 June 2011 12:10 PM #4

    Hi Macglenn, so your saying that beyond the normal $10.95 commission fee for the trade and the odd .02 or .04 misc that is sometimes tacked on, the “House” plays with the numbers some more to basically cover the cost of dealing with a trade of only a few shares as opposed to buying blocks of 100?

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    Posted: 30 June 2011 12:16 PM #5

    aaplcrazie - 30 June 2011 03:10 PM

    Hi Macglenn, so your saying that beyond the normal $10.95 commission fee for the trade and the odd .02 or .04 misc that is sometimes tacked on, the “House” plays with the numbers some more to basically cover the cost of dealing with a trade of only a few shares as opposed to buying blocks of 100?

    No, the fees you mention should be all.

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    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.