What is the proper way to adjust the cost basis for the SLV / GLD ETFs that are structured as trusts, and have monthly expenses that show up on your 1099-B?

Forum|Forum|6 years ago
March 18, 2020
2 replies
21 views

These monthly expenses show up on the 1099-B as Undetermined Term Transactions, with no acquired date or Cost Basis.

The Acquired Date must be retrieved from your records, and there is already a publicly available calculator to determine your cost basis for these trust expenses. My question is how do you enter this information properly into TT?

The "Cost or other basis" line item for the transaction is blank in TT and there is also a checkbox for "The cost basis is incorrect or missing on my 1099-B"

1 - Do you fill out the calculated Cost Basis (which is missing on the 1099-B) and check the box for cost basis is incorrect or missing?

2 - Do you leave the Cost Basis line empty (as it is on the 1099-B), check the box for cost basis is incorrect or missing, and then go to the next section and adjust the actual cost basis when asked by TT?

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JohnB5677

Level 15

To correct the cost basis on stocks from a 1099-B

Start at Investment income
Select Stocks, Mutual Funds ....
Choose the Broker or Institution
Select the individual stock
The data you entered will be there
Toward the bottom of the screen select [I'll enter additional info on my own]
In the entry for Box 2 enter Corrected Cost Basis

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abert8722Author

Level 2

Hi John,

Your answer doesn't answer my specific question. I'm asking specifically how to input the adjusted basis into the TT module after you've imported the 1099-B and clicked on the specific SLV trade for which the cost basis must be adusted.

Thank you.

JohnB5677

Level 15

Yes, and my description is correct.

Select the individual transaction
Toward the bottom of the screen select [I'll enter additional info on my own]
In the entry for Box 2 enter Corrected Cost Basis

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