SEE craftindo above.... He thought he could just subtract the proceeds from his cost basis or ignore it. You can't. You are claiming less of a gain or more of a loss if you don't adjust your cost basis properly.
You can't just report the cost basis reduction as the proceeds, though you would put the cost basis adjustment where you indicate on that tax program. The cost basis reduction is NOT arrived at using the proceeds number. That's because your cost basis has nothing to do with the price of what the metal is NOW. Your remaining cost basis is reflected by the fraction of your original gold you have left. Say the amount of gold you have when you sell GLD is down by fees of 3% of your gold. Then your cost basis is 97% of your original cost. You have to calculate the cost basis of the gold/silver whatever sold using the formula I provide or use the ETF tax PDF examples to follow how to do it.
You also have to report the cap gain/loss from the sales of the gold (whatever it holds) each year. That you get via Proceeds in USD - Cost Basis and report as long/short term gains or losses. You may have both depending on how long you've held the ETFs. I went over all that in prior posts.
See the spreadsheet formula I shared two years ago. It's accurate. If you don't adjust the cost basis down, you'll be shorting Uncle Sam. See the formulas and the examples on the ETF Tax PDFs I and others reference. Lobby the ETF companies and brokers to provide more information. I don't make the rules. 😉
Above is IMO... Standard Disclaimer: Check with an accountant if needed.
