How to keep track of capital gains and losses

[fedex03]

Hello everyone,

I use PP to keep track of all my investments and related dividends, capital gains, and capital losses.

I was wondering what is the best way to keep track of capital losses so that I can use them when paying taxes on capital gains.

Currently, when I realize a capital gain following the sale of a security, I enter the amount of taxes in the “Taxes” field, from which I have already subtracted the recovery of the capital loss.

Is there a better method?

Thank you all!

[Harry_Hirsch]

Hey fedex03,

I am not sure I understood what you outlined above.

[Sn1kk3r5]

Er würde gerne quasi einen Verlusttopf pflegen.

[Rich28]

@fedex03

Currently, when I realize a capital gain following the sale of a security, I enter the amount of taxes in the “Taxes” field, from which I have already subtracted the recovery of the capital loss.

I’m sorry @fedex03, what you’ve outlined here doesn’t make sense to me. As I see it the ‘taxes’ field is used to record any tax incurred on a buy or sell transaction - and that’s its only purpose.

[flywire]

@fedex03

I was wondering what is the best way to keep track of capital losses

Keep a capital gain/loss register with your tax records.

Have a look at GitHub - pfalcon/ppxml2db: Scripts to import PortfolioPerformance (https://github.com/portfolio-performance/portfolio) XML into an SQLite DB and export back to extent PP functionality.

[hubga]

There is “Trades” page in PP. You can filter only losses there. Is that what you need?

[fedex03]

@hubga

age in PP. You can filter only losses ther

Thank you all for your replies and apologies for the delay in responding.

My case is as follows:

• I sell shares in a company and make a loss of, for example, €500.
• I then sell shares in another company and make a profit of €1,000.

When I pay tax on the €1,000 capital gain, my €500 capital loss will be deducted.

I will therefore pay tax on a capital gain of €500.

Is there a way to keep track of the loss and deduct it from the capital gain when I record the transactions?

In my PP, I did the following:

1. I recorded the loss on the sale.

2. I recorded the gain on the sale and, in the tax field, I entered the net amount of tax paid, i.e. [(€1,000 - €500) * 26%].

Are my steps correct, or should I do it differently?

Thank you all!

Translated with DeepL.com (free version)

[Sn1kk3r5]

@fedex03

Is there a way to keep track of the loss and deduct it from the capital gain when I record the transactions?

No. Besides the trades view which gives you an overview for all trades.

PP doesn’t provide any kind of billing for taxes.

@fedex03

In my PP, I did the following:

1. I recorded the loss on the sale.
2. I recorded the gain on the sale and, in the tax field, I entered the net amount of tax paid, i.e. [(€1,000 - €500) * 26%].

Seems to be fine. But why do you do this manual, instead of importing your brokers statement?

[fedex03]

@Sn1kk3r5

But why do you do this manual, instead of importing your brokers statement?

Hi @Sn1kk3r5 ,

I never tried, but maybe I can try.

Usually I check every movement and insert it into PP.

Thanks

[Sn1kk3r5]

@fedex03

Usually I check every movement and insert it into PP.

All movements should be in PP to have the best possible tracking result. But there is no need to enter them manually.

[hubga]

For tax purposes, you get the list of trades from the broker. You don’t need any output from PP (as it does not have to be complete).

Yes, you can import all the data. That’s faster