Vanguard's SpecID Lists Average Cost instead?

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Mullins
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Vanguard's SpecID Lists Average Cost instead?

Post by Mullins » Thu Oct 31, 2019 2:27 pm

I had switched the Cost Basis in my Vanguard account from its default setting not too long ago to SpecID. Now when I display the lots, and these are of covered shares, I get the same, exact cost per share for every lot regardless of the date or year acquired over the last several years (except the last most recent purchase). I called Vanguard about it, they said they'd notify tech about it... but I'm wondering if anyone else has experienced this?

fposte
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Re: Vanguard's SpecID Lists Average Cost instead?

Post by fposte » Thu Oct 31, 2019 2:36 pm

I'm seeing the same as you for my Vanguard funds, but the different lots on my individual stocks are still priced differently. So maybe don't do calculations about unrealized gains today.

stan1
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Re: Vanguard's SpecID Lists Average Cost instead?

Post by stan1 » Thu Oct 31, 2019 6:20 pm

I think it is an error. You did the right thing to call.

Unfortunately all indications are Vanguard doesn't give a hoot about accuracy of cost basis and for whatever reason they've decided its better to hire people to fix it when people complain rather than make sure its correct. There are threads going back about this since 2012 when Vanguard was forced by the IRS to support other than average cost basis.

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Cheez-It Guy
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Re: Vanguard's SpecID Lists Average Cost instead?

Post by Cheez-It Guy » Thu Oct 31, 2019 7:57 pm

How long ago did you switch this setting? When I switched, it took a business day or two to settle out.

fposte
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Re: Vanguard's SpecID Lists Average Cost instead?

Post by fposte » Thu Oct 31, 2019 8:20 pm

Cheez-It Guy wrote:
Thu Oct 31, 2019 7:57 pm
How long ago did you switch this setting? When I switched, it took a business day or two to settle out.
Dunno about the OP, but mine has been SpecID since 2016, and it still shows SpecID as the basis method, despite the fact that today two lots from months apart are listed at the same per-share price.

Al the Knife
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Re: Vanguard's SpecID Lists Average Cost instead?

Post by Al the Knife » Thu Oct 31, 2019 8:25 pm

I had the same issue with one of my accounts. I called Vanguard, and they fixed it.

Monster99
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Re: Vanguard's SpecID Lists Average Cost instead?

Post by Monster99 » Thu Oct 31, 2019 9:01 pm

I have had problems with cost basis several times - Vanguard has them as average cost even though I have had them set to SpecID since 2014. I have lots that are uncovered and keep a spreadsheet that tracks date and cost basis that I have continued even though they are supposed to keep track of the covered lots. Their lack of concern for these type of issues is a major reason I may move to Fidelity or Schwab.....

rkhusky
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Re: Vanguard's SpecID Lists Average Cost instead?

Post by rkhusky » Thu Oct 31, 2019 9:08 pm

Not sure if this applies to the OP, but I believe that if you sell in an account with average cost basis, all shares up until the date that you switch to SpecID will have average cost basis. Only shares purchased after the change will have non-average cost basis

fposte
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Re: Vanguard's SpecID Lists Average Cost instead?

Post by fposte » Fri Nov 08, 2019 9:19 am

I had hoped that my issue would be resolved along with the OP's if it was some kind of wider bug, but it wasn't. I therefore just called Vanguard and they agreed it was a problem on their end with cost basis; they expected it to be fixed by Monday.

Dude2
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Re: Vanguard's SpecID Lists Average Cost instead?

Post by Dude2 » Fri Nov 08, 2019 9:24 am

For those that are calling Vanguard to resolve issues, kudos to you. I do not recommend sending an email. No matter how clear you are about your problem, it seems that the people reading them don't speak English well or are perhaps robots. I've had it where a very clear problem was referred to a representative, and then three weeks later out of the blue a major change to accounts occurs, sometimes going back retroactively to prior tax years -- resulting in updated tax forms. So, please be warned. Yes, talking to the rep on the phone is a good approach.

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