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whaisler
New Member

How to deal with "UNDETERMINED TERM TRSACTIONA FOR NONCOVERED TAX LOTS..." on 1099-B for silver and gold trust funds

On Nov 1, 2024, I purchased gold and silver TRUST fund shares in a taxable Vanguard fund. My 1099-B shows "UNDETERMINED TERM TRSACTION FOR NONCOVERED TAX LOTS ..." with sales for November 30 and December 31 for the silver and gold funds. Note it is "sales" although I did not sell any shares! The only column listed is Column 1d for Proceeds (no Date acquired, cost basis or gain/loss). I also see a Section of "Fees and Expenses" for the two funds whose amounts match the Column 1d Proceeds in the "UNDETERMINED ..."SECTION OF 1099-B.  Vanguard 1099B TRUST undetermined transactions.jpg1099B TRUST Fees and Expenses.jpgGLD and SLV TRUST buy 11-1-2024 Vanguard.jpg

      My question is what to do with this information and where to place in TurboTax. I have downloaded the data from Vanguard to my 2024 TT Premier. All goes OK until the check for investing income and I get a message that Vanguard "Needs Review" of the 1099-B.SPDR GOLD TRUST needs review.jpgReview this Varnguard sale-something wrong.jpg

     Note: I am in the Step-by-Step mode. When I click on the Smart Check (pencil icon), it gives me some of the 1099-B Sales info (Boxes 1a - 1e). Box 1c - Date sold is already filled in: for the November transaction, it has a date of 11/15/2024, and for the December transaction it has 12/09/2024. For November, 1d has proceeds of $8.57, and December has 1d Proceeds of $8.13. Missing for both months are two items: date acquired and Box 1e - Cost or other basis.

      What should I be entering for Box 1e (the original cost amount, a reduced basis or what)?  Is date acquired the same for each month, i.e., 11/01/2024? I am confused ... is this a capital gain, a dividend, or a fund expense? Is my cost basis going down by this amount each month?

     I appreciate your patience with this newbie dealing with Trust fund shares in a taxable account. I wish I'd never done it!

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