Cannot enter collectible sales from 1099B

[S8NpTl]

When entering sales from 1099B the step-by-step view has you enter "What type of investment did you sell" but only have limited choices (stock, RSU, mutual funds ETF, options, bonds). But I needed to enter collectible for a precious metal ETF. You are forced to choose one of the listed options in order to go to the next step.

If you manually adjust the code "C" for collectibles in the forms view, it doesn't reflect on your 8949.

The consensus seems to be that ETF which just hold bullions of precious metals like gold, silver, etc are treated as collectible the same as if you hold physical gold, etc https://www.cnbc.com/2022/03/14/gold-silver-etf-owners-face-28-percent-top-tax-rate-on-capital-gains...

[robtm]

An ETF is not a collectible. The closest thing to it would be a mutual fund. A collectible would be a gold or silver coin, a stamp collection, baseball cards, etc. 

My apologies I was wrong. It appears that the GLD  is considered a collectible. Please disregard above statement.

[S8NpTl]

This is contrary to the information for the said ETF GLD (https://www.ssga.com/library-content/products/fund-docs/etfs/us/tax-documents/gld-faq.pdf)

"What Is the Long-Term Capital Gains Tax Rate for U.S. Shareholders Who
are Individuals?
Under current law, gains recognized by individuals from the sale of a “collectible,”
including gold bullion, held for more than one year are taxed at a maximum rate of
28%, rather than the 20% rate applicable to most other long-term capital gains.
However, if a U.S. shareholder is otherwise subject to rate lower than 28%, the 28%
rate does not apply"

Another view: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-to-enter-an-iau-e... 

Another: https://www.cnbc.com/2022/03/14/gold-silver-etf-owners-face-28-percent-top-tax-rate-on-capital-gains... 

[i81040]

Ran into same thing with a 1099-B imported from Fidelity with a capital gain transaction from GLD.  It did not show any option for collectibles.

I ended up selecting the option that the sales fess/expenses were incorrect and typed at a $1 basis adjustment.  This created a "Capital g/l adj" form in the forms view with a BE code.  From this form I was able to select the Part III box titled "This is a sale of a collectible item (code C)."  I also went back and did an override to uncheck the code B box "Form 1099-B reports an incorrect basis (code B)", and also unchecked the code E box "Amounts reported on Form 1099-B do not reflect sales fees/expenses that were charged (code E)".

Fortunately (or unfortunately for my pocketbook), this allowed the collectibles gains to flow into Sched D and its 28% Rate Gain Worksheet.

I noticed that Fidelity does a good job with tracking GLD fund monthly expenses proceeds, cost basis, and cap gain/loss.  It also reported a properly reduced final basis on sale of GLD shares so you can pay even more taxes.

I had another brokerage with GLD and it never reported basis for any monthly GLD expenses.  When I imported that 1099-B and went to review, it actually asked me if gains included collectibles, and on the individual transaction line, it gave me the full list of asset types to choose from, including collectibles.  Also on sale of GLD shares, it did not decrease the basis from the original purchase price, so I had to do a manual cost basis override to pay more taxes.