Using a cost basis of zero is a waste of money to me. And there is a quicker solution for GLD and SLV... The person posting it emmel650 said their spreadsheet calculation was confirmed by the program. Not sure which they used (GLD vs SLV).
This is the program webpage for GLD
https://www.costbasistools.com/gold/GLD.php
and this is the one for SLV
https://www.costbasistools.com/silver/SLV.php
NOTE: Not verified by an outside CPA to my knowledge, but you can store the documents on your cost basis and cap. gains/losses on the sale of assets for fees, and at least claim you did due diligence if you use the program I would think.
You have to follow each LOT forward in time using it. There's a bit more information on this thread if you read up and down it.
My explanation (see posts above) will help you understand how it's done and what you need to actually report, and it's thoroughly spelled out so I won't repeat it here...
TurboTax should have a program to import the data from companies like TD Ameritrade and Charles Schwab should help solve this too. At the moment, they don't even proficde cost basis factors for GLD, while TD Am which they bought does!
Why do you go on for years with suboptimal solutions when you have thousands of users impacted??? Time to get to work and provide better solutions IMO.
BTW you have to do the same tax calculations with the Crypto Trust ETFs. Greyscale for ex. provides the data for it, but I have not found a similar program for GBTC etc.
