How to enter an IAU ETF (gold, collectible) transaction

[ualdriver]

Hello-

I have some transactions from an ETF (IAU) that solely consists of gold, so it is my understanding that any taxable transaction for this ETF will be at the "collectibles" rate.

So I'm at Federal Taxes Tab->Wages & Income->Investment Income->Stocks, Mutual Funds, Bonds, Other, and have entered the transactions.  I don't see any way to designate these specific transactions as "collectibles."  

How do I do this please?

Thanks for your time in advance.

[ualdriver]

No answer to this question?  I thought this would be an easy question for someone : (

[PattiF · Accepted solution]

The collectible box is available now in TurboTax Desktop for investment sales.

• After you enter information about the sale: Description, Date sold, Date acquired, Sales proceeds, Cost or other basis, Click Continue
• Any of these less common items for this sale? Put a check in the line for Proceeds from collectibles

[baydelawn]

If it is an ETF it is not a collectable. Treat it like a stock transaction.  

[ualdriver]

https://www.cnbc.com/2022/03/14/gold-silver-etf-owners-face-28-percent-top-tax-rate-on-capital-gains....

I think you might be mistaken.

[JulieS]

Yes, you are correct that gold, silver and platinum are considered collectibles, even when in an ETF. 

You can use PattiF's instructions above to report this type of transaction. 

[ualdriver]

@PattiF 

PattiF-

Thanks.  I now see those menu options on a following page after I hit "continue," but ONLY if I make the selection, "I'll enter one sale at a time."  I don't get the following page after hitting "continue" with the collectible checkbox option (and other options) if I download my info from Vanguard and Fidelity and hit "continue," nor do I get that if I select, "I'll enter a summary for each sale category."  Am I missing something?  It's kind of a pain as if one owns an ETF like IAU which only has gold in it, it sells a little bit of gold every month to cover expenses, creating 12 individual transactions that would have to be entered manually instead of just downloading the data.  And that would be for each ETF treated as a collectible by the IRS.  

Anyway, thanks PatiF for helping me.

[ualdriver]

Thank you JulieS.  

[S8NpTl]

It looks like you can only do this if you manually enter 1099B. Importing doesn't give you the option to change the investment type to "collectible"

[ualdriver]

Yes, thanks.  The question was from a year ago but I appreciate the answer.  Unfortunately, you have to enter each entry, line by line.

This is a GIANT pain the butt because if one owns an ETF (like IAU) that owns a commodity (like gold) in a taxable account, every month it sells a little bit of gold to cover the ETF's expenses.  So for each transaction one has in an ETF like IAU, you have to enter TWELVE transactions manually, step by step, in order to treat the transaction as a collectible transaction. 

INTUIT ARE YOU LISTENING?????  We need to be able to be enter collectible trades as a group, just like you can with any other ETF transaction!!!!!