The SPDR Gold Trust recommends using the Gross Proceeds file (obtained from the 2021 Grantor Trust Tax Reporting Statement) to calculate your gain or loss on the sale of gold to pay trust expenses. It is a multi-step process and it has to be done outside of TurboTax, and then the numbers can be entered into TurboTax. If you made multiple purchases over a period of time, they also recommend calculating gain, loss and adjusted basis separately for each purchased lot and then sum up the results of each lot to arrive at the net reportable gain or loss and the total investment expenses.
If you purchased shares prior to 2021, and made no other purchases, then you should calculate your adjusted cost basis, using the gross proceeds information for the relevant years. The SPDR Gold Trust recommends that shareholders follow these steps (provided here in summary fashion) to calculate their gain/loss on the sale of gold to pay trust expenses:
- Identify the shareholder’s pro rata ownership of gold (in ounces).
- Calculate the gold (in ounces) sold from Shareholder XYZ’s account during 2021 to pay expenses.
- Calculate cost of gold sold from Shareholder’s account.
- Calculate Shareholder’s gain or loss on gold sales for each lot purchased.
- Calculate Shareholder’s investment expenses.
- Calculate Shareholder’s Adjusted Gold held and Cost Basis.
The above steps were obtained from the 2021 Grantor Trust Tax Reporting Statement. At page 11 and 12, the Reporting Statement provides further detail on how a Shareholder should apply the above steps when calculating their gain or loss.
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