Kiki
Level 4

FORM 8949 / 1099B HOW CAN I REPORT? Date Acquired is N/A , Cost basis, Gain or Loss are Blank

Hello,   I need your help.  Any replies would be very helpful for me and greatly appreciated. 

 

In Consolidated 1099s From from TD Ameritrade,

"SUMMARY OF PROCEEDS, GAINS & LOSSES, ADJUSTMENTS AND WITHHOLDING"

Form 8949 type

Undetermined  B or E (basis not reported to the IRS)      Proceeds  $7.78   

 

(1099B  PROCEEDS FROM BROKER AND BARTER EXCHANGE TRANSACTIONS)

"UNDETERMINED TERM TRANSACTIONS FOR NONCOVERED TAX LOTS"

Date sold         Quantity     Proceeds       Date                 Cost or            Accrued mkt     Gain           Additional 

deposed                                                      Acquired         other basis      disc & wash..     Loss          Information

 

08/01/020             0                 1.39             N/A                   ......                     .....                    ....          Cost basis Factor

                                                                                                                                                                     0.00047139

07/31/2020          0                  0.23             N/A                   .....                     ......                 ......           Cost basis Factor

                                                                                                                                                                     0.00025368

 

*There are 4 different ETFs (PPLT, IAU, SLV, and GLD)  and multiple proceeds / dates sold or disposed 

*Additional Information in each transaction (proceed), it says "Principal payment, Cost Basis Factor: 0.000xxxxxxxx.

 Also, in Endnotes, it says

This transaction represents the sale of assets from a Widely Held Fixed Investment Trust (WHFIT).  The cost basis allocation factor is the value of the assets sold divided by the total net asset value of the trust. If you know your cost of the assets sold, use that to determine your gain/loss. Otherwise, determine your cost basis by multiplying your adjusted cost basis by the cost basis allocation factor. For example, If your adjusted basis is $10000 and the cost basis allocation factor is 0.005 your cost basis allocated to that sale is $1000*0.005 or $5.  

Also, it says

This trust invests exclusively in "collectibles". Gains recognized from the sale of "collectibles" held for more than one year are taxed at a maximum federal income tax rate of 28%. 

 

I leave Blank for the date acquired and Blank for the Cost basis.  But TT keeps telling me "Needs Review"

I purchased these ETFs in 2020, and just holding (never sold yet)   

What is the remedy for a solution in the correct way following IRS rules?

 

Also, Descriptions (name of ETFs) and Dates and $ in the Statement of "FEES and EXPENSES" (Gross Proceeds Investment Expense total $ 7.78)" are EXACTLY same as the descriptions and details of 8949 above.

Can I report this Fees and Expenses somewhere?  If so, how and where should I do?

 

I greatly appreciate any suggestions, advice, and comments.

 

Thank you very much.