How do I report transactions from a commodity trust in Turbo Tax?

I directly imported my 1099B from my broker (TD Ameritrade). There is a list of transactions on my 1099B that have no date acquired and no cost basis and Turbotax is asking me about them. The broker said they are transactions from a widely held investment trust (or commodity trust) and that they could be reported in the section of undetermined tax transactions for non-covered tax lots. How do I do this? TT asks me for the date acquired, the cost or other basis, and the type of gain or loss. There are 52 transactions in total with a small earning (~$130).

Would it be possible, in order to simplify, to say that the cost basis was $0 in total so that the $130 are seen as total income received?

Thank you so much in advance.

920

1 Best answer

Expert Alumni

Apr 12, 2022 7:24:26 AM

Certainly, you can choose to report the cost basis as zero so that the small gain will be fully taxed.

For the date acquired, you can enter 'various' since it is unknown. Then, for the sale category, you would choose either 'B' for short-term noncovered, or 'E' for long-term noncovered.

Expert Alumni

Apr 12, 2022 7:24:26 AM

Certainly, you can choose to report the cost basis as zero so that the small gain will be fully taxed.

For the date acquired, you can enter 'various' since it is unknown. Then, for the sale category, you would choose either 'B' for short-term noncovered, or 'E' for long-term noncovered.

Level 4

Apr 12, 2022 9:43:38 AM

Thank you very much, @AnnetteB6 . This response was very helpful!

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How do I report transactions from a commodity trust in Turbo Tax?