Personal Finance & Money Asked on October 3, 2021
I recently closed my Edward Jones account and performed an in kind transfer of all my shares to my Ally Invest Account. I see all partial shares (from my DRIP) had been sold for cash before the transfer, that all of my shares have been transferred over from EJ to Ally, and I see all the cash I had in EW in my Ally account. Now when I look at my Ally account I see Unrealized Gain $x.xx (165%)
and I can’t find that I bought share A for $100 on 1/1/2015, only that I have share A with a price of $150 and a transfer date of 4/7/2021.
My question is which of the following scenarios has happened:
I think it’s scenario 1 because people use in kind transfers all the time to avoid selling, paying taxes, and buying the same shares again. The only reason I question it is because I don’t see anything in the Ally mobile app to suggest I keep my old cost basis and buy date.
Side question (let me know if this should be moved to a different question), do I need to file a special form that says I transferred my assets from one brokerage to another when I file my 2021 taxes? If so, what is that form name?
Sometimes cost basis and dates take a little longer to post to the receiving account than the positions themselves. Just give it a few weeks and that information should eventually appear in your Ally Account. If not, contact Ally.
I transfer positions between my Fidelity and Interactive Brokers accounts all the time, and this always happens in one direction but not in the other: when transferring to Fidelity, all of the basis information arrives immediately, but when transferring to Interactive Brokers, basis information always takes a few weeks to appear.
Correct answer by AxiomaticNexus on October 3, 2021
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