Versus Purchase Specific Lots

[jrj4774]

Hello All,

Anyone else having trouble with Schwab's LIFO lot matching since the update last week? I trade the same ticker back and forth depending on price action, but now I have to message support just to get the right lots assigned for a round trip. Even on days where the overall trade is 100% green, the new system splits it up into a mix of gains and losses. Seeing those red numbers flash when you're actually up is pretty frustrating to look at all day.

I don't want to see visual like these...

thanks,
jrj4774

 

[merryDay]

My experience with Schwab since the merger has been when an update inadvertently breaks something; the following updates fix it.

The key is to keep calling it in.
The squeaky wheel is required to get it done sooner than later.

Keep us updated.

 

[zayvra]

It is giving losses for LIFO when it is supposed to be a profit, due to finding other lots,
LIFO should be sequential last buy as the first sold.
I was out for 1.5 wks of trading N/A due to waiting for the staff fix. 25 phone calls 4 Supervisors later, my account is back to normal.
It was a Split lot selection their new Gainskeeper* system didn't handle well* Some say it was out in June, others just a few wks ago:
ie., 40 old shares and 40 new shares = sold as 80 all at once, became near impossible for them to fix right away. & Lowest cost method is also a random event.

Specified Lots from prior day with exact lot quantity matching seems to work the best.

Test: Same Day Specified TOS: TOS same day B/S for a specific same day lot of 1 shr. (which must be selected prior sell in the "order ticket"* gear box) Thus far, its made it to Trade Orders on the Schwab site, and their chat person says Realized from TOS updates next business day.
fail: 2am following morning, wrong buy to sell price on realized page, correct on trade order status. So no, its wasn't any good after all to use TOS same day-specific. (& slow exit process)

If you don't hold shares, fifo should work in sequence, I haven't tested it though.

When contacting them, try to go straight to cost basis department error resolution, & not their regular schwab staff. & I sent claude formatted messages and diagrams to match price, not sure they really needed all the extra messages and screenshots of what went wrong, it could of slowed down the process.

What has helped me: Assigning each lot with a cost basis method during the trading day, and lots of reloads of realized, and editing the trade order page per sold lot, to insure false washes are removed asap.

This is so much more work, cruel accounting while trading, when trading already is one of the meanest careers. I hope they fix Lifo. & it does appear that they set it up for the mega wealthy who can just buy shares at any price and sell as specified lots 10 yrs from now. or Fifo only. Roth works for them too w/no cost basis method at all, just tons of trading money in a Roth, it's all geared towards them.
Casualty? Required?

 

[AndrewPnF]

It is giving losses for LIFO when it is supposed to be a profit, due to finding other lots,
LIFO should be sequential last buy as the first sold.
I was out for 1.5 wks of trading N/A due to waiting for the staff fix. 25 phone calls 4 Supervisors later, my account is back to normal.
It was a Split lot selection their new Gainskeeper* system didn't handle well* Some say it was out in June, others just a few wks ago:
ie., 40 old shares and 40 new shares = sold as 80 all at once, became near impossible for them to fix right away. & Lowest cost method is also a random event.

Specified Lots from prior day with exact lot quantity matching seems to work the best.
I am testing TOS today for a specific same day lot of 1 shr. (which must be selected prior sell in the "order ticket"* gear box) Thus far, its made it to Trade Orders on the Schwab site, and their chat person says Realized from TOS updates next business day.
If you don't hold shares, fifo should work in sequence, I haven't tested it though.

*order ticket & selecting which lot isn't as fast to exit from as hotkeys & it seems barbarically slow to return to, prices will be missed.

When contacting them, try to go straight to cost basis department error resolution, & not their regular schwab staff. & I sent claude formatted messages and diagrams to match price, not sure they really needed all the extra messages and screenshots of what went wrong, it could of slowed down the process.

What has helped me: Assigning each lot with a cost basis method during the trading day, and lots of reloads of realized, and editing the trade order page per sold lot, to insure false washes are removed asap.

"It was a Split lot selection their new Gainskeeper* system didn't handle well* Some say it was out in June, others just a few wks ago:"

I've been hearing promises since my move over from TDA to Schwab. My old TDA rep, who moved to Schwab, said that he learned that Schwab was coming out with their version of "Gainskeeper" My new rep says he hasn't been made aware of the project nor an anticipated release date. My old rep was connected but got promoted. My new rep says he's not surprised to not know anything about their plans as they often get no notice until D-Day is upon them, and us.

The Realized Gain/Loss page appears to be the same as it has been since my conversion over to Schwab. I miss the old Gainskeeper as I find awareness and visibility on my UNrealized G/L lots as important as Realized G/L from a tax planning and open lot performance reviews analysis standpoint.

I had a "meeting" with a ToS Support Expert a few months back and we discussed how on ToS you can get the unrealized lot data, but they are missing one thing that is very important, the Open Date. ToS support are aware of this but don't have an answer on when/if that will be added. They have the data. They just don't show the date. Very frustrating to me. We had it on TDA.