Manually updating your cost basis from HL to IBKR
Hi there,
This is a continuation of the DRS guide I am building to help other UK apes using Hargraves Lansdown
You can find Part 1 of the guide here: https://www.reddit.com/r/Superstonk/comments/qkg11n/uk_apes_guide_to_transfer_from_hargreaves/
Manually updating your cost basis
If like me you get an email from ibkr stating that your cost basis information is missing. At first, I was like what the hell, what doing HL. I called HL to find out what was going on and how to resolve it. The person that answered the phone said that they will just trasnfer x amount of shares at whatever the cost is on the day they are transferred and I can just manually update the information with ibkr, if I want to. Not sure what their process is for transferring shares but I think it sucks. In the end, he said I could use any individual share purchases to make up the information for my 100 transferred shares. If like me you were buying shares anytime you found some money stashed away then like me you'll likely have multiple purchase dates and perhaps even multiple purchases the same day =D
On HL you can view your transaction history to get the information you need:
Login to your HL account:
Click into the account you bought your now transferred share in. In my case, I bought them in my Stock & Shares ISA.
If you left some GameStop shares in your ISA, you should see GameStop Corporation as below:
Click on where it says 'GameStop Corporation' as highlighted in yellow below.
You will now see this page:
If you scroll down on this page you will see all the GameStop transactions you have made and it might look something like mine:
If you scroll right to the bottom you can download this data which might make it easier to input into ibkr's form.
Now you have this information you need to log into your ibkr account and navigate to: Reports > Tax Documents
Now press the cog next to where it says 'Position Transfer' under Cost Basis:
Cost Basis > Position Transfer
Pick your transfer date and hit Continue:
Now you'll see a table like this one where you can add each of your share purchase details
I worked my way up from the bottom of my transaction history on HL and kept clicking Add Lot to enter the different purchases until I had 100 shares in my table on ibkr. HL said it doesn't matter which ones I choose so I just thought I'd go oldest to newest. Once you have all the information in your table click Continue and Submit.
And you're done!
Posted Nov 4, 2021, 1:08 PM UTC · edited