topic No way to choose "collectible" for my gain in GLD etf, I imported 1099 B from Schwab in Investors & landlords

No way to choose "collectible" for my gain in GLD etf, I imported 1099 B from Schwab

epaclubtax — Wed, 18 Feb 2026 03:46:17 GMT

after choosing stocks, Cryto, Mutual Funds, Bond and others, no more question on "collectible", why?

How to choose "collectible" for this gain? Please advise.

Re: No way to choose "collectible" for my gain in GLD etf, I imported 1099 B from Schwab

M-MTax — Wed, 18 Feb 2026 17:20:34 GMT

When you add the ETF as an investment, you have to select "Other" and then select "Collectible" from the dropdown list.

Re: No way to choose "collectible" for my gain in GLD etf, I imported 1099 B from Schwab

fanfare — Wed, 18 Feb 2026 18:09:02 GMT

GLD ETF is not a collectible.

@epaclubtax

Re: No way to choose "collectible" for my gain in GLD etf, I imported 1099 B from Schwab

M-MTax — Wed, 18 Feb 2026 18:32:17 GMT

https://www.cnbc.com/2025/05/01/gold-etf-investors-may-be-surprised-by-their-tax-bill-on-profits.html

Re: No way to choose "collectible" for my gain in GLD etf, I imported 1099 B from Schwab

M-MTax — Wed, 18 Feb 2026 18:35:08 GMT

https://www.thetaxadviser.com/issues/2019/nov/taxation-collectibles/

Re: No way to choose "collectible" for my gain in GLD etf, I imported 1099 B from Schwab

epaclubtax — Wed, 18 Feb 2026 18:51:06 GMT

You are incorrect. GLD is a collectible!

Re: No way to choose "collectible" for my gain in GLD etf, I imported 1099 B from Schwab

fanfare — Thu, 19 Feb 2026 04:09:18 GMT

From your link:

"If a taxpayer who owns a collectible (recall that the definition of a collectible requires the taxpayer to hold the property for more than a year) ..."

GLD ETF traded for short term swings or day trades is not a collectible.

@M-MTax

@epaclubtax

Re: No way to choose "collectible" for my gain in GLD etf, I imported 1099 B from Schwab

M-MTax — Thu, 19 Feb 2026 05:10:34 GMT

@fanfare wrote:
GLD ETF traded for short term swings or day trades is not a collectible.
@M-MTax

WHO CARES? If the ETF (GLD) or bullion is held short-term (a year or less), then it makes no difference since the 28% max rate for collectibles no longer applies. Any gain is taxed at your marginal tax rate with no 28% limit (as there is for a collectible).

Here's the deal: Section 408(m)(2) says that any metal is a collectible while Section 408(m)(3)(B) makes an exception for gold, silver, platinum, or palladium bullion (meaning NOT a collectible). HOWEVER, Section 1(h)(5)(A) effectively makes bullion a collectible, without regard to 408(m)(3), for assets held more than one year.

That's it and holding anything that is a "collectible" doesn't really matter a whole heck of a lot unless the dumb thing is held for more than a year. Otherwise, gain is taxed at ordinary income tax rates regardless.

Re: No way to choose "collectible" for my gain in GLD etf, I imported 1099 B from Schwab

epaclubtax — Thu, 19 Feb 2026 10:14:11 GMT

GLD is classified as collectible no matter if it is short term or long term gain. U r correct in saying the tax calculation method is the same if it is short term gain and u treat it as ordinary income; but not the same if it is long term gain subjected to a max tax rate of 28% and not treated the same as normal stock long term gain.