Â (When you record this transaction, Quicken sets the Price box value back to 0, so both the Price and XFer Amt boxes ) If you use the Sell/Remove Shares dialog box (displayed when you click Sell/Remove Shares on the Easy Actions menu) to record an account fee transaction. You enter the number of shares you need to sell to pay the account fee, the sales price per share, and the commission. If youâ€™ve correctly entered these inputs, the total sale shows as zero because the commissionâ€”really the account feeâ€”consumes the entire sales proceeds.
Check with your tax advisor concerning investment expenses such as account maintenance fees paid for by selling shares. While the approach described here is the only one you can easily do in Quicken, it causes your account maintenance fees to show up as capital losses equal to whatever you originally paid for the shares.
Unfortunately, this overstates your capital loss by the amount of the account fee and understates your investment expenses by the amount of the account fee. On your tax return, therefore, you need to adjust your capital losses or gains and your investment expenses (a possible miscellaneous deduction) for this discrepancy.