Do I report a 1099-B report of 0 shares Ishares Ethereum being sold?

[ahmmad]

A 1099-B form posts Ishares Ethereum (ETHA) on list of shares sold but no shares were sold as specified on the report itself.

[MinhT1]

If proceeds and cost basis are both 0 then you do not need to report it. Otherwise, you do.

[ahmmad]

@MinhT1 Thank you for the response. Lastly, when labeling it under 1099-B, would it be a short term sale (short term-basis reported to IRS) every time I record it in my taxes? I'm aware that I have to post every one. Thank you again for taking the time to answer my question. Thank you. 

[ahmmad]

@MinhT1  In addition to that, it also asked how I received this investment. There is no option for my situation. There is a purchase, sale, gift, inheritance options. How would I even label something like this in Turbotax?

[SharonD007]

It depends on  how long you held the asset when you report it as short-term or long-term.  If you had the asset for less than one year, you would report it as short-term.  If you had the asset for more than one year, it's long-term.

Refer to the TurboTax article A Guide to the Capital Gains Tax Rates: Short-term vs. Long-term Capital Gains Taxes for additional information.

As MinhT1 indicated earlier, if you didn't sell any of the shares, you don't report anything on your tax return.

You indicated that there is no option for how you received your investment.  How did you receive your investment?

[ahmmad]

@SharonD007  @MinhT1  Apologies, the acquirement question pops up if uploading the document. It does not pop up if I manually create a record. The question really is that 0 shares are sold (not "sale" action) but recorded by "principal" action ) on the 1099-B form . So from my understanding of what the distinguished experts who took the time to reply to my question (Thank you by the way),  I should report these if the cost basis is not 0. Finally, all of the records of this one ETF on the 1099-B of all of these Share Ethereum ETF on the 1099-B be reported as "short-term basis reported to the IRS." Am I correct? Thank you again for helping me out. I really appreciate it. 

[AmyC]

1. Yes, if you have an amount for either basis or proceeds, report the 1099-B.

2. Short term is held less than one year. Otherwise, long term.

3. I assume you purchased an ETF and acquired these fractions from that purchase. If so, purchase would be the correct option. There aren't many choices.