Open topic with navigation
You are here: Reports > Tax > Position Transfer Basis
Position Transfer Basis
The Position Transfer Cost Basis page lets you specify the cost basis for positions transferred into your account using ACATS (Automated Customer Account Transfer Service), ATON (Account Transfer Online Notification), or FOP (Free of Payment).
Under the FIFO cost basis accounting method, a closing transaction is matched with the cost basis of the earliest transaction in the position to determine realized profit or loss. The FIFO cost basis method is used throughout the US for stocks, security options, single stock futures and Forex.
Who can access the Position Transfer Basis page?
You can access this page if you are a(n):
- Individual, Joint, Trust or IRA Account User
- Small Business Account User
- Friends and Family Group Master or Client User
- Advisor Master User Individual
- Advisor Master User Organization
- Advisor Client User Individual
- Advisor Client User Organization
- Proprietary Trading Group Master User
- Proprietary Trading Group Sub User
- Broker Master User (master account only)
- Broker Fully Disclosed Client User
- Broker Fully Disclosed Client User Organization
- Investment Manager Master User
To specify the position transfer basis for an ACATS, ATON or FOP transfer
- Click Reports > Tax > Position Transfer Basis.
If you have a multiple account structure such as an institution account or multiple linked accounts, use the Account Selector at the top of the page to select an account.
The Account Selector is closed once you select an account. To change the selected account, click the tab to open the Account Selector, and then click a different account.
- If there are eligible transactions, select a transfer date from the list, then click Continue.
- Update the cost basis for your transfer:
- Enter the number of shares or contracts for the position in the Quantity field.
- Enter the date of purchase for the position in the Date field.
- Enter the total cost basis for the entire position in the Total Cost field.
- Select a currency for the position. You can select the asset trading currency, your base currency or USD. Available selectable currencies are the asset trading currency, your base currency and USD. For new tax lots, the asset trading currency is the default currency. The asset trading currency is displayed on the symbol row. For old tax lots that may not have a currency, USD is the default currency.
- Optionally delete a tax lot by clicking the Delete link.
- Click the Edit link to break the position into multiple purchase dates and times.
- Click Continue to submit your cost basis update.