1099 ishares gold trust proceeds
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New Member

1099 ishares gold trust proceeds

 
7 Replies
New Member

1099 ishares gold trust proceeds

As an investor in a gold (or any precious metals) Exchange Traded Fund, there are certain things of which you should be aware.

First, your profits and losses from purchases and sales are treated not at the usual lower capital gains (and losses) tax rate for long-term investment holders, but instead are taxed as collectibles (which includes precious metals) sales.  As such, you need to enter your gold ETF sales in TurboTax separately than the rest (if any) of your stock, bond, mutual fund, and all other investments.  In other words, a gold ETF is treated differently than a regular investment asset.

Specifically, you can go right to the correct section of the program to make your entries, in TurboTax Premier or Home & Business, by performing the following actions.  Simply type in the word "collectibles" into the search box on your TurboTax screen.  Then you can select the "Jump To" link that will appear after you hit the "Find" button, and you will be taken to the appropriate place in the program.  Please see the attached screen-captures for an illustration (simply click to open).

Then, you will tell the program that you have a collectibles ETF that you sold, and simply follow the data entry screens from there.  You should have all the information you need from your Form 1099.

Second, because your gold ETF is organized as a Grantor Trust (of which you own or owned exchange traded units), you may also be able to deduct certain expenses of the trust on your personal tax return.  For full details on that, please refer to the following document for the Ishares gold trust for the 2016 tax year:

https://www.ishares.com/us/literature/tax-information/ishares-gold-tax-data-12-31-16-is-20086-0117.p...


If you have further questions, encounter any difficulties, or just want to speak with a live tax expert who can walk you through your TurboTax entries (including the ability to screen-share with your computer), please feel free to contact us.  We would be happy to help you (and as a paying customer, the call is free to you).  Here is a link where you can create a support ticket and reach us:

https://support.turbotax.intuit.com/contact/


Thank you for asking this question.
Level 3

1099 ishares gold trust proceeds

I see that this is an old post, but shouldn't the information be imported correctly from your brokerage?  I've never been prompted by TurboTax for more info once it sees it on the 1099.

Employee Tax Expert

1099 ishares gold trust proceeds

Yes. If you manually enter the 1099-B the program will ask if it is a collectible. If you sold gold as well as other assets, you will not be able to enter more than one transaction as a summary. 

The import option will also separate the transactions. 

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Level 3

1099 ishares gold trust proceeds

What about if your brokerage did not provide the 1099-B (it's evidently optional for them)? How on earth are you supposed to figure out the needed info? I think I have it figured out for IAU but have no idea if it's correct nor do I have any idea where to enter the numbers or even what number would go in what box, etc.

 

Then I also need the info for Aberdeen Standard Gold ETF Trust (SGOL) but I can't find any tax information on their website or instructions like IAU provides.

 

I've asked in several different forums how I'm supposed to calculate this information and how to enter it into TurboTax but I haven't gotten any replies so any help you can provide would be appreciated.

 

Thank you!

Employee Tax Expert

1099 ishares gold trust proceeds

To enter an investment please go to:

  1. Start at Investment income
  2. Select Stocks, Mutual Funds ....
  3. No you did not get a 1099-B
  4. Enter name of Broker
  5. If this is an ETF Type of investment is Stocks
  6. Now continue through the questions.

The information you will need is:

  • Description
  • Number of Units sold
  • Date sold
  • Net proceeds (Total selling price)
  • You bought the stock (ETF)
  • Date Purchased
  • Number of Units (same as above
  • You can choose price per share or total cost

If you need to do research on the history of the stock, this may help:

MarketWatch Stock History

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Level 2

1099 ishares gold trust proceeds

My 1099B downloaded from Schwab includes LT gain from stocks and Sprott Physical gold and Silver Trust in the same section of the 1099.  So, TT treats the collectible the same as a stock. Since Sprott deals only in gold and silver, shouldn't the gain be separated out and entered as a collectible because the tax rate is different for collectibles? If so, how should this be done? Thank you.

Level 12

1099 ishares gold trust proceeds

@sbeards 

If you haven't already done so, you probably should step over to the Sprott website and look at the prospectus for both of these investments.

 

https://sprott.com/media/1443/phys-prospectus-en.pdf
https://sprott.com/media/1451/pslv-prospectus-en.pdf

 

Under the section MATERIAL TAX CONSIDERATIONS they both have similar language within the section titled Taxation of U.S. Holders Making a Timely QEF Election with respect to Sale, Exchange or Other Disposition:

"Long-term capital gains of U.S. Individual Holders currently are taxable at a maximum rate of 20%."

 

Assuming you've made that election I'd be guided by what the prospectuses have to say.

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