1099-B from Vanguard trouble with IAU...

[taxun]

My 1099-B from Vanguard has a couple regular stock sales, but also 12 entries for "ISHS GOLD TRUST" (one for each month of last year), each about 3-5 bucks. Here's an example of January...

ISHS GOLD TRUST ETF / CUSIP: [removed] / Symbol: IAU / Note: CL
01/31/25 0.000 3.38 N/A ... ... ... Principal payment 16
Cost Basis Factor: 0.464285204

Column 1d is about 3-5 bucks for each month. Quantity is 0.000 for all. Date acquired is "N/A" for all. All other columns "--". Grand total for all 12 months of $50.06. *note I didn't actually sell any of my IAU this year, so I'm assuming these are some form of dividends?

TT is complaining that all 12 months need review. I edited January, it flagged in red the following...

- Sales section (I selected "Unknown term basis not reported to IRS")

- What type of investment did you sell (I selected collectible, is that correct?)

- Select the information type you see in Box 1b: (The "Date acquired" for all months is "N/A", I purchased this etf 6+ years ago btw, so I selected "Something other", and in the dropdown selected "-Blank-").

- Box 1e - Cost or other basis (1e is all "--", so I left it blank and checked the "The cost basis is incorrect or missing on my 1099‑B" check box)

Once those 4 red fields were edited, I clicked continue. However, at the end of the Wizard I got a red warning saying "We still need some required info." with the option to yes/no I need to adjust my cost basis. It's still "--" on the 1099-B, so I said "No, I don't need to adjust my cost basis".

Back at the review screen, it still shows the entry for January as "Needs Review". What the heck?

I have tried uploading the form directly AND providing my Act# and Document ID. Both have the same issue.

I imagine a lot of people hold IAU at Vanguard. There has to be an easier/smarter way for TT to handle this...

[frodo2]

Alas, for 2025, the IRS has made a complete mind crime for share holder responsibility wrt Grantor Trust (GT) 'de minimis' reporting.

For IAU, you'll need to pull down the 2025-ishares-gold-trust-data-table.xls to calculate your (monthly) cost basis (and 2026 adjusted cost basis).

Additionally, these de minimis sales have to be entered individually as well, not simply a sum of short and long term 'sales for expenses' for entry into Form 8949.

I sooo feel your pain! I've had to enter 200+ trivial GT (per month, per trust, per lot(s)), which round out to peanuts.

An odd case where this issue is not a TTax problem, just inverted paperwork reduction act with our IRS "friends" 😉

[taxun]

Ah thanks, I thought this felt overly complicated, glad it's not just me.

I found an "iShares tax reporting statement xls" but don't think it's the right one (and it won't even open properly)... I asked Grok and it pointed me to this instead...

https://costbasistools.com/gold/iau.php

...after plugging in some test numbers it looks like it gives me the "Cost Basis of Ounces Sold" for each month, I assume that's the "Box 1e - Cost or other basis"? That's all I need right?

...so I just need to find the original purchase date/price on the Vanguard website, anyone know exactly where to find it? *and what do I do if there are multiple purchase dates/prices?

*and can someone please confirm that...

- Sales section (I selected "Unknown term basis not reported to IRS")
- What type of investment did you sell (I selected "collectible")

...is correct?

Thanks

[frodo2]

Hey @taxun 

I'm on a Macbook Pro,  macOS 26.3.1, TurboTax Desktop Deluxe 2025.r23.037

The iShares xls worked great for me (using Google Sheets), and came in within a few pennies for 24 entries for IAU (2 lots) compared to non 1099-B reported 'closed positions'. The only nit TTax reporting wise was having to use Forms mode to toggle to not a digital asset.

> Sales section (I selected "Unknown term basis not reported to IRS")

Probably. But sounds like maybe you're in a mixed mode of partially reported 1099. Mine were all Box C & E.

> What type of investment did you sell (I selected "collectible")

Yes, collectible is correct.

WRT multiple lots, need to rinse and repeat calculations each. Need to use the cost basis(') from 12/31/24 to start the mind numbing calculations for 2025, and save off per lot adjusted for 2026 starting point.

Cheers!

[frodo2]

P.S.

WRT iShares, I had to use xls ROUNDUP, rather than ROUND (over 8 decimal points) to get the gross proceeds numbers to match.

Makes sense from the trust's profit perspective - a few pennies here and there over a few $B NAV a tidy obscure, and likely legal,  profit for them. :(

[taxun]

Hmm ok I am able to open the "2025-ishares-gold-trust-data-table.xls" in google docs but what am I supposed to do with it exactly? It just lists some "0.018x" numbers for "Date Gold Ounces Per Share Per Share Gold Ounces Sold To Cover Expenses Proceeds Per Share", per month.

Is that calculator I linked (https://costbasistools.com/gold/iau.php) no good?

[frodo2]

Before trying to delve into the "spreadsheet from hell" detail aspects...

Does your brokerage firm allow you to get a 'closed positions' listing for 2025 that has the proceeds and cost basis for each monthly de minimis sale? If so, you could use that and come back to the 2026 cost basis adjustments at your leisure.

If not, I can pop a beer and try and describe the columns and  calculations to add to that xls. Didn't see an easy way to pass those readily along...

[taxun]

Ok logged into Vanguard and was able to find my original purchase date and all the other info I needed for that calculator...

https://costbasistools.com/gold/iau.php

After plugging it all in I got a chart with each month from 2025's "Cost Basis of Ounces Sold", which I manually plugged in to 1e for each of the 12 forms for each month. Manually entered the acquired date. Manually selected "Collectible" for the type. Manually selected "Unknown term basis not reported to IRS", for the sales section.

All the "needs review" are gone. Are we good now?

[frodo2]

Cool @taxun !

I was about to spew a receipt for the xls approach, but if you got the numbers you need, all good.

[taxun]

Yeah I guess we're good... This still feels odd though. Like either Vanguard or TT should have been able to populate these dates/numbers automatically.

I imagine there are a LOT of people holding IAU at Vanguard, and there is ZERO chance the average person is going to be able to figure this out on their own (without some serious googling and/or frodo2 help)...