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Grandma Bz
New Member

proceeds from boullion sale to pay investment expenses

My broker Morgan Stanley on 2019 1099-B lists "Noncovered Securities with Undeterminded Holding Period" for 5 small amounts totalling $5.74 for bullion sales  that say pay investment expenses. I download info directly into Turbo Tax from Morgan Stanley yet T.T. says it's incomplete and wants purchase date and cost. M.S. 1099-B says to consider Box 5 being checked and Box 12 as not being checked. And proceeds should be reported on form 8949. How and would the investment expense offset the 'gain'. I'm assuming it's be short term since gold was bought 6/19 and there was very small sale amount each month in 2019 after that. How do I handle this?

 

5 Replies
Critter
Level 15

proceeds from boullion sale to pay investment expenses

 
Critter
Level 15

proceeds from boullion sale to pay investment expenses

If the 1099-B is missing information then you must provide it ...  the broker may be able to help you with this. 

fanfare
Level 15

proceeds from boullion sale to pay investment expenses

for these small amount it's not worth the hassle to worry about the cost basis just pay the tax on all of it.

 

for the unpleasant full scoop see www.costbasis.com and visit the GLD page.

Grandma Bz
New Member

proceeds from boullion sale to pay investment expenses

They say no - that they are not tax advisors....

Grandma Bz
New Member

proceeds from boullion sale to pay investment expenses

Thanks. Very interesting - complicated but interesting to know.....

 

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