Author Topic: Personal Capital - Phantom Liabilities  (Read 2544 times)

FIREySkyline

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Personal Capital - Phantom Liabilities
« on: November 18, 2017, 05:25:26 PM »
So, I have been experimenting with PC to track my assets in one convenient place. However, since a few days after I started using it it has claimed that I have ~$145k in liabilities; I always have varying balances on my credit cards (~few $k total) but no other debts or liabilities. Has anyone else had similar issues and is there a solution? I can't come up with any logical reason for it.

MustacheExplorer

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Re: Personal Capital - Phantom Liabilities
« Reply #1 on: November 18, 2017, 06:11:15 PM »
Tax liability on unrealized capital gains.

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FIREySkyline

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Re: Personal Capital - Phantom Liabilities
« Reply #2 on: November 18, 2017, 06:15:01 PM »
Tax liability on unrealized capital gains.

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How is that calculated?

MustacheExplorer

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Re: Personal Capital - Phantom Liabilities
« Reply #3 on: November 18, 2017, 06:26:58 PM »
Currently long term capital gains are taxed at 20%.  So the tax due will be 20% of the gain when you sell the stock or other security.

FIREySkyline

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Re: Personal Capital - Phantom Liabilities
« Reply #4 on: November 18, 2017, 06:29:17 PM »
So, the liability exceeds the total value of my tracked investments ... so that seems like an unlikely explanation?

Another Reader

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Re: Personal Capital - Phantom Liabilities
« Reply #5 on: November 18, 2017, 06:47:52 PM »
Can you track which accounts contribute to liabilities on the net worth page?

I have several phantom accounts that show up on the sidebar.  In the Bills section, I have a $6k balance on a credit card I haven't used in years.  It shows a last payment date every month but the balance never changes.  The balance does not appear on the sidebar and the bank shows no activity for the account.

The software is buggy.  The site is helpful, but the information is not 100 percent reliable.

MustacheExplorer

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Re: Personal Capital - Phantom Liabilities
« Reply #6 on: November 18, 2017, 06:55:51 PM »
So, the liability exceeds the total value of my tracked investments ... so that seems like an unlikely explanation?

The tax is only on the profit when you take the profit.  Not an issue at all if the profit is in a Roth account.

FIREySkyline

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Re: Personal Capital - Phantom Liabilities
« Reply #7 on: November 18, 2017, 07:20:22 PM »
Can you track which accounts contribute to liabilities on the net worth page?

I have several phantom accounts that show up on the sidebar.  In the Bills section, I have a $6k balance on a credit card I haven't used in years.  It shows a last payment date every month but the balance never changes.  The balance does not appear on the sidebar and the bank shows no activity for the account.

The software is buggy.  The site is helpful, but the information is not 100 percent reliable.

Seems like it had double-counted my mortgage somehow. Weird. Couldn't find it on the app, but fixed it on the website (I never used the site). Thanks for the tip.

kpd905

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Re: Personal Capital - Phantom Liabilities
« Reply #8 on: November 18, 2017, 08:19:29 PM »
I had the opposite issue a few months back.  They double counted my 401k once for some reason, almost gave me a heart attack when I opened my account.

FIREySkyline

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Re: Personal Capital - Phantom Liabilities
« Reply #9 on: November 18, 2017, 08:23:36 PM »
I had the opposite issue a few months back.  They double counted my 401k once for some reason, almost gave me a heart attack when I opened my account.
Looked like FIRE was coming early haha

 

Wow, a phone plan for fifteen bucks!