How is GLD (gold ETF) reported on Schedule D? On Turbotax (TT)? LOL inconsistent answers in this forum
Incredible that such a simple question has such widely divergent answers. First off, I realize that in theory GLD (a large gold ETF "grantor" trust that holds gold bars in London) is treated as a collectable subject to a 28% tax rate, not to an ordinary long-term or short-term stock capital gains rate. However, in practice on the 1099-B of my brokerage (REDACTED, but a major brokerage) the GLD etf transactions are treated as an ordinary 'index fund' transaction along with other stock sales. Secondly, on this Intuit Turbotax forum you have people claiming that a gold coin is a 'collectable' while a gold bar (such as bought by the GLD ETF custodians--they buy gold bars and store them in London) is not, which is I think wrong advice but in a way it's consistent with how REDACTED BROKERAGE and others treat GLD (like an ordinary 'stock' index fund). Thirdly, I cannot find how you would enter a collectable into Form 8949 and/or Schedule D in TT. This last part is the most annoying to me, since I paid for Turbotax to help me with the dreaded Schedule D.
Who's right?
I also tried doing this in my hard drive / non-online version of Intuit Turbotax: "in TurboTax Premier or Home & Business, by performing the following actions. Simply type in the word "collectibles" into the search box on your TurboTax screen. Then you can select the "Jump To" link that will appear after you hit the "Find" button, and you will be taken to the appropriate place in the program. " - Nope, not working. I do get "Jump To" but nothing happens when I click on the link. I bought the Premier version for this year (2022 tax year)
My questions therefore are:
1) Is GLD etf a 'collectable' or a 'stock'? My guess is that it's the former, but since my own brokerage treats it as the latter, the IRS, if the amounts are small enough (like say the gain is less than say $10k in profit), probably, I am guessing, doesn't really care (unless they want to stick it to you for other reasons, like if you're Al Capone which I'm not). So my guess is if you pay capital gains taxes as if GLD is a short term capital gain, then probably for most trivial profits below say $10k you'll be OK, if you're in a middle or upper income bracket. I know that's sloppy thinking but hey we're dealing with the government here. Correct me if I'm wrong, as I'd like to do it the 'correct' way but can't find the Turbotax screen
2) where is the "collectable' screen for Intuit Turbotax 2022? Another post implied it's missing for Turbotax for 2022? I would link to that question but I'm a noob at posting.
As I say, the reason I bought TurboTax was for filling out Schedule D, and it it cannot deliver on this I'm not really interested in continuing as a customer.
Any replies appreciated.
