I received 1099 B from Schwab. This year for the first time there is a short term entry for SPDR gold minishares ETV. There are 5 entries, all with different dates of sale, but none list a date of acquisition. Gross proceeds on each are less than ten cents. Cost /basis is "Not Provided", and the realized gain/loss is blank. However, the TOTAL realized gain/loss is actually negative 33cents.
In reading up on this, it seems these are small sales to cover fees, and are actually a return of capital (There is actually a "P" in each unlabeled column just before the date sold column. ) My problem is that on TT desktop, it says these all need to be reviewed, and it wants dates of acquisition and cost basis. I did check the boxes that say something about "no date provided" and cost box is "blank", but TT still wants me to review and fill these in. Should I just proceed and leave them exactly as on the 1099-B? Oh, and these are all listed as "Basis is missing and not reported to IRS", and that is the section where I added the info into Turbotax. I also wonder if this is going to come back to haunt me in the future. I am not really into doing a lot of messing around with tax filing. 😐 Thanks for help!
Mj
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Since the proceeds involve such small amounts, it's very unlikely that you will be haunted by this in the future. When you go back to review the entries, for the date acquired field, you could select the button "Something other than a date" and then select "Various (or more than one date)" from the dropdown. You can also enter a 0 for the Cost or other basis. On a later screen called "We noticed you entered zero for your cost basis . . . Let us know if you'd like to make any changes", if you know your cost basis you can select that option and a box will appear to enter your actual cost basis. Otherwise, select the other option and Continue.
Another possible option: since you are missing dates of acquisition, and do have several sales, one option would be to report a sales section total which won't require inputting any date information - the only downfall to this option is that you will need to mail a copy of the 1099-B with a Form 8453 that will get printed.
If you want to try this option, go ahead and delete the entries you made for your original 1099-B entries for this by clicking the trash can to the right of each line item. Once you do that:
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