Confused about E*TRADE unrealized gains

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Topic Author
Blue456
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Joined: Tue Jun 04, 2019 5:46 am

Confused about E*TRADE unrealized gains

Post by Blue456 »

I transferred 50K from vanguard to E*Trade to get one of their transfer bonuses. What confuses me is that when I look at unrealized gains section, the entire $50K was marked as such. Did transfer from Vanguard to E*Trade mess something up? I definitely don't have 50K unrealized gains and I don't want it to be marked as such for taxes.
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retired@50
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Re: Confused about E*TRADE unrealized gains

Post by retired@50 »

Blue456 wrote: Sat Feb 06, 2021 7:11 pm I transferred 50K from vanguard to E*Trade to get one of their transfer bonuses. What confuses me is that when I look at unrealized gains section, the entire $50K was marked as such. Did transfer from Vanguard to E*Trade mess something up? I definitely don't have 50K unrealized gains and I don't want it to be marked as such for taxes.
Maybe the cost basis didn't transfer properly, so they are assuming a zero cost basis, which would make the whole account a "gain". Something to look into...

Regards,
If liberty means anything at all it means the right to tell people what they do not want to hear. -George Orwell
000
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Re: Confused about E*TRADE unrealized gains

Post by 000 »

When did you do the transfer? Basis info can be delayed in transfer.
Topic Author
Blue456
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Re: Confused about E*TRADE unrealized gains

Post by Blue456 »

000 wrote: Sat Feb 06, 2021 7:16 pm When did you do the transfer? Basis info can be delayed in transfer.
About 2 months ago.
000
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Re: Confused about E*TRADE unrealized gains

Post by 000 »

Blue456 wrote: Sat Feb 06, 2021 7:16 pm
000 wrote: Sat Feb 06, 2021 7:16 pm When did you do the transfer? Basis info can be delayed in transfer.
About 2 months ago.
Well that should have been long enough, so yes you need to reach out to E*TRADE about this.
Nicolas
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Re: Confused about E*TRADE unrealized gains

Post by Nicolas »

This happened to me too. I contacted E*Trade and they contacted the donor fund company (I assume) and got the cost basis updated.
Topic Author
Blue456
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Re: Confused about E*TRADE unrealized gains

Post by Blue456 »

Nicolas wrote: Sat Feb 06, 2021 7:33 pm This happened to me too. I contacted E*Trade and they contacted the donor fund company (I assume) and got the cost basis updated.
Ok thank you. I will need to get this done soon then.
increment
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Re: Confused about E*TRADE unrealized gains

Post by increment »

Blue456 wrote: Sat Feb 06, 2021 7:11 pm What confuses me is that when I look at unrealized gains section, the entire $50K was marked as such. Did transfer from Vanguard to E*Trade mess something up? I definitely don't have 50K unrealized gains and I don't want it to be marked as such for taxes.
Do you know the correct basis? You are not bound to go by what your brokerage reports, if their figures are wrong.
Laundry_Service
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Re: Confused about E*TRADE unrealized gains

Post by Laundry_Service »

In the past I had minor issues with transferring to ETrade and cost basis. It was resolved after a week or two with a quick email to my rep, but I'm not sure why they have this issue. I've done a number of transfers in the last couple of years for bonuses and ETrade is the only brokerage that I've had to follow up about cost basis.
BruinBones
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Re: Confused about E*TRADE unrealized gains

Post by BruinBones »

In the past, I was able to edit the cost basis on my in-kind transfers to E*Trade. I’m not sure if that’s still an option since all my holdings are up to date.
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