Gold ETF Transaction - Needs Review

[Blackstatic42]

I've included my 1099-b with additional info regarding the gold ETF. I'm getting some sections that are flagged for review in TurboTax. It's asking for a acquired date. The 1099 b lists N/A, me thinking blank is the closest match, I chose this. Now it's wanting a cost basis. I don't know what to put. Ive been seeing this as a issue on here, and I'm a bit overwhelmed with the range of solutions. Happy to answer any questions if it will help with a solution

[Mike9241]

these were sales by the etf to cover your share of its expenses.   

here's what I would do unless you want to spend a lot of time more accurately reporting the sale by accounting for the cost and holding period. Combine each into just 1 sale for the 1.86. for cost use zero for date sold use the last date and for the date acquired use the same date. 

to accurately account for the cost and holding period you would need your tax basis on the date of each sale. that needs to be split between long-term and short-term. Then you would multiply each by the cost factor given.  the sales proceeds would also need to be divided between short and long-term based on the ratio of short-term shares held on the date of sale divided by the total shares held. the balance would be long-term 

even if all are long term, it still some work to calculate cost basis for the 12 small mounts

your choice.

[Blackstatic42]

Id love if it was just that simple but trubo tax wont let me delete a sale out of the list because im assuming it was imported from Vanguard and its trying to prevent one from screwing it up. So, I'm unable to take it down to one sale

[MarilynG1]

You could delete the import and make a one-line manual entry reporting Sale Proceeds of $1.66, Cost Basis of $0, for a gain of $1.66 (choose 'Sales Section Totals', date 'Various' and either 'Short Term Uncovered' or 'Long Term Uncovered', as appropriate) to report this sale.

If you're using TurboTax Online, and download a PDF of your 1099-B transactions, you can attach that your return.  If you're using TurboTax Desktop, go to FILE > Remove Imported Data. You can then make one-line entries for category sales summaries. 

Here's How to Delete Imported Transactions. 

@Blackstatic42