It depends on what you are trying to do? You wouldn't report the purchase of this unless it was traded on a crypto exchange, If so, here is how to report in the investment section of Turbo Tax.
If you bought the GLD outright, you do not need to report it.
If you traded for it on a crypto exchange, here is how to report.
- Working in the investment section of the return the is the amount of GLD that was exchanged for. This is the value of the GLD you received in the exchange.
- Cost basis is the crypto amount that was given up in the exchange.
- If you held on to the original crypto more than one-year, this would be reported as long-term not reported. If you own it for one year or less, it would be short-term not reported.
I stress the importance on not reporting this unless you traded for this as a crypto exchange. If you don't have any records of adjustment codes, leave those blank.
if you are entering these for tracking purposes, you may wish to consider a spreadsheet as this is not required for IRS purposes.
@sujiths80
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