topic Short term transaction for which basis is missing & not reported to IRS in Retirement tax questions

Short term transaction for which basis is missing & not reported to IRS

stafford2019 — Wed, 27 Aug 2025 21:53:38 GMT

Working on my 2024 taxes, I have a 1099-B for iShares gold ETF with 1c completed but no 1b or 1e info. The 12 transactions total $50 but TT won't let me input zero or dash signs in those boxes. The broker says to contact a tax expert, for $50 income??? Broker said it was a "WHIST" transaction? Thanks for your help.

Re: Short term transaction for which basis is missing & not reported to IRS

baldietax — Wed, 27 Aug 2025 23:41:53 GMT

do you have more info on what these small transactions are? - not sure what WHIST might have meant - you should go back to your original transaction information for the dates and cost basis and enter those details, tho $0 should be allowed for box 1e if valid (can be the case on expired short put for example)

if you input these as a 'sales summary' it will likely trigger the need to send your 1099-B to the IRS, it's better to input as 'one by one' to avoid the mailing (same with wash sales, AMD etc).

Re: Short term transaction for which basis is missing & not reported to IRS

stafford2019 — Thu, 28 Aug 2025 00:47:05 GMT

I have since learned that these transactions are WHIFT (widely held fixed investment trusts), not WHIST. I went to the iShares Gold Trust & received a lot of info about these transactions as well as from past TT community participants. I received enough info to complete the transaction. I have more knowledge about this type of investment than I had before. Got to keep the grey matter moving upstairs! TY.

Re: Short term transaction for which basis is missing & not reported to IRS

fanfare — Fri, 29 Aug 2025 05:34:57 GMT

The simplest solution is to retain the basis of zero for those transactions. It will be a small amount that requires tedious calculation.

@stafford2019