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Quicken is great for tax reports, providing that you already know what your
transactions are and that you are prepared to smash them into a form that
Quicken can understand with a hammer. By the time you have completed that
task you could probably have had your taxes down manually several times
over. There is the old saying 'Garbage In, Garbage Out', but unfortunately
Quicken seems to take perfectly good information and turn it into garbage.
Fortunately for those who do not do a lot of short sales, day trades and the
luck, the situation is a lot better. As for myself, I gave up on the Quicken
idea after the third year of beating it with that hammer.
I used to do tech support for a major brokerage. Clients would call up a day
or two before tax deadlines planning on downloading all of their
transactions and clicking a few buttons and being done with their filing.
Most of them had inadvertently begun weeks or trouble, and most of them
spent a lot more time on Quicken than they ever would have on their taxes
themselves.
Darrin
----- Original Message -----
Wrom: BLVLMHAALPTCXLYRWTQ
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Saturday, January 18, 2003 4:54 PM
Subject: [RT] Quicken - wouldn't it be nice if ...
> This year I thought I'd get Quicken 2002 and download my stock
transactions
> from Brown & Co. and Interactive Brokers into it, and give me end-of year
> reports for my accountant, saving me mucho hours of time. Well so far it
> doesn't seem so easy. It seems as though the portfolio at year end
doesn't
> agree with the downloads. I'm not sure if it has something to do with
stock
> splits or stock name/symbol changes during the year or bad downloads or
> what.
>
> Has anyone tried this in the past? Could anyone advise me if using
Quicken
> for tax reports is nothing more than a pipedream?
>
> G. Rehert
>
>
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