ISHARES GOLD - Undetermined Term Transactions For Non covered Tax Lots - No Cost basis or Date Acquired. Proceeds $0.01/month,"needs review",still owned,What should I do?

[abbyehaun]

I'm getting proceeds for $0.01/month during 2019 from Ishares Gold Trust. I have not sold any securities, and however it's showing sold/disposed date, no cost basis, no date acquired. And TurboTax is showing me "Needs Review". not sure what to do to finish my tax return. Thank you

[fanfare]

Your product liquidates a tiny amount each month for expenses.

This result in 12 annoying sell transactions that you must enter on your tax return if you don't have this product in a tax-deferred account.

Basis can be calculated using a basis tool you can find on the Internet.

[Critter]

If the sales were only 12 cents for the entire tax year then simply leave this off the return as it rounds down to zero in the end.  

[iamartin]

I'm having the same problem with my son's taxes.  It's 9 transactions that add up to $1.81 Robinhood Securities LLC.  There's no "Cost or other basis" or "Gain or Loss".  There's a Cost Basis Factor under additional info.  Turbotax is asking for "Date acquired" and "Cost or other Basis".  I'd appreciate any help.  Thanks in advance!

[fanfare]

enter the asked for information.

if cost = zero does not work, enter $0.01.

[iamartin]

@fanfare Thanks so much for answering!  The last hurdle is "Short-term vs Long-term".  For "Date acquired" all say "N/A".  I'd appreciate your thoughts.  Thanks in advance!

[fanfare]

if it's on your current year's consolidated 1099-B it must be short term.

BUT some of the earlier ones could be Long Term (more than one year holding period)

you can enter date "various" for the grand total on just one line (or two lines if LT and ST) instead of twelve lines

 if you do it that way enter 12/31/2021 for date sold.

[js409]

Hi.  I have a similar question regarding ISHARES GOLD TRUST.  On my 2023 1099-B I have 10 small gold trading expenses (1 per month) totaling $11.62 under "Noncovered Securities with Undetermined Holding Period".  No "Date Acquired" or "Cost Basis" is provided on my 1099-B which TurboTax "needs review". 

I have "Date Sold", "Proceeds" and "Federal Income Tax Withheld" (Box 4 which is $0) only.  However, I do have a Commodity Trust sheet that listed "Trade Date" (same as "Sold Date"), "Number of Shares" (all 0, same as "Quantity"), "Investment Expenses" (totaling $11.62), "Proceeds" (totaling $11.62) and finally "Percentage of Assets Sold" (all 0 essentially, small fraction, ex: 0.0002030 for one of the 10 line items).  (FYI, "Investment Expenses" and "Proceeds" are identical values; ex.  $1.13 and $1.13 on 3/31/23 Trade and Sold Date.)  Can I use some this information for the "Date Aquired" and "Cost Basis" needed to TurboTax?  Thank you very much.

[fanfare]

I  said above:
"if it's on your current year's consolidated 1099-B it must be short term."

I was assuming you just started invested in this security recently.

 if you started investing in the security more than a year ago

then you have some LT holdings.

However, the problem crops up immediately since a liquidating transaction starts monthy.

The broker uses FIFO, unless you specified otherwise.

therefor fees will come out of long term holding after you've been doing this for over a year.

If you have regular periodic investments, the earlier investments  regularly become LT.

After this happens the liquidation (sale) to cover a fee is a sale of  a tiny part of LT shares.

If you  decide to sell some shares, LT comes out first by the FIFO rule.

once you have sold all LT shares, or you have not yet achieved LT shares, then the fees have to come out of ST shares until some are held for more than a year.

Note:

For non-covered securities ( BOX B or E) showing zero (wrong) basis, enter the correct basis yourself.
Use code "B" and put -0- in col (g).

You have to ascertain the correct basis from your own records.

@js409 

[askQuestion1]

i have same question for  GLD etf  ,     found that is monthly fee/expense  for 10.00  , there are 12 transaction ,

Gross proceeds investment expense,

Undetermined Term Transactions For Non covered Tax Lots

Quantity  = 0
1d- Proceeds  =  10.00

Date  acquired  = n/a

Cost or  other basis  =  ---  ?? 

how to report this cost basis ,  ?? 

thanks

found this answer 

https://ttlc.intuit.com/community/taxes/discussion/undetermined-term-transactions-for-noncovered-tax...

these transactions made by broker monthly to  sell    to pay fees.

may be  enter the cost base same price as  proceed price

any thought ?

[PatriciaV]

Yes, report one transaction with total basis equal to total proceeds so you end up with zero gain/loss.

@askQuestion1