TD to IB positions transfer

[qlai]

Anyone can comment on IB’s handling of position transfers via ACATS? Will the cost basis be preserved? I am a bit scared dealing with IB support for this.

Automated Customer Account Transfer Service (ACATS)
Description
US Broker to Broker position transfer system. Requests to have your cash and positions automatically moved from a third-party US broker to IBKR are initiated from the Transfer Positions page in Client Portal. For details, click here.

When you request an ACATS transaction, you have the option of creating a new Position Transfer Instruction or using an existing Position Transfer Instruction.

For a full ACATS transfer, you can perform a position eligibility check prior to submitting your request to verify that the positions you want to transfer are eligible for your selected transfer method. You can enter positions manually or upload the positions in a .CSV (comma-separated values) file.

You can also upload positions in a .CSV file for a partial ACATS transfer.

Time to Arrive
From four to eight business days depending on your third-party broker.

Limitations
ACAT transfers may be unavailable for withdrawal or transfer up to 30 days.

No options transfers during expiration week.

Long and Short (Short Against the Box) of same position will be netted upon receipt through an ACAT.

 

[qlai]

Taxes can be affected if holding long-term positions.

Yeah I have positions I have been holding for 20+ years, don’t want that capital gain

 

[ZBZB]

You can change the basis in account management on IB.

 

[eastern_warrior]

I’ve transferred shares from elsewhere into IB and cost has been preserved

 

[IB-AN]

Anyone can comment on IB’s handling of position transfers via ACATS? Will the cost basis be preserved? I am a bit scared dealing with IB support for this.


The delivering broker is required to send the cost basis detail for "covered" securities, but not until 15 days after the transfer. It's a different DTC service than the ACATS system which facilitates the position transfer and it's referred to as the Cost Basis Reporting Service (CBRS). It's essentially an electronic file with the lot details (i.e., quantity, acquisition date, cost) that we then read and automatically populate. If the securities do not fall under the IRS definition of "covered" (i.e., were acquired at a date prior to that which the IRS requires tracking), then the broker is not required to send the data.

You can update the transfer detail on your own beforehand, although it will be be overridden by anything the delivering broker sends afterwards. See link for details:
https://ibkr.com/faq?id=28216784

 

[qlai]

For the record ... it was super easy.

 

[veronaruffin]

Yeah, they’ll probably won’t be of much help with this. Don’t worry, you will get through this in time. All the very best to you.