1099B PROCEEDS FROM BROKER AND BARTER EXCHANGE TRANSACTIONS)
"UNDETERMINED TERM TRANSACTIONS FOR NONCOVERED TAX LOTS"
Date sold Quantity Proceeds Date Cost or Accrued mkt Gain Additional
deposed Acquired other basis disc & wash.. Loss Information
08/01/020 0 1.39 N/A ...... ..... .... Cost basis Factor
0.00047139
07/31/2020 0 0.23 N/A ..... ...... ...... Cost basis Factor
0.00025368
*There are 4 different ETFs (PPLT, IAU, SLV, and GLD) and multiple proceeds / dates sold or disposed
*Additional Information in each transaction (proceed), it says "Principal payment, Cost Basis Factor: 0.000xxxxxxxx.
Also, in Endnotes, it says
This transaction represents the sale of assets from a Widely Held Fixed Investment Trust (WHFIT). The cost basis allocation factor is the value of the assets sold divided by the total net asset value of the trust. If you know your cost of the assets sold, use that to determine your gain/loss. Otherwise, determine your cost basis by multiplying your adjusted cost basis by the cost basis allocation factor. For example, If your adjusted basis is $10000 and the cost basis allocation factor is 0.005 your cost basis allocated to that sale is $1000*0.005 or $5.
a cost must be entered. Turbotax does not accept a bank box for cost. for cost basis since you're talking so few $$$'s of proceeds you could use $0 for cost, or cost = proceeds, or follow the instructions by multiplying the CBAF by your adjusted cost basis (ACB). for the first sale of a fund, your ACB is your original cost. then that cost must be reduced by the ACB of the first sale to come up with your new ACB. the new ACB is multiplied by the CBAF for a second sale to come up with that cost and so on. since all the purchases were in 2020 for the acquisition date use thee sales date
Also, it says
This trust invests exclusively in "collectibles". Gains recognized from the sale of "collectibles" held for more than one year are taxed at a maximum federal income tax rate of 28%.
Irrelevant - all your sales are short
I leave Blank for the date acquired and Blank for the Cost basis. But TT keeps telling me "Needs Review"
I purchased these ETFs in 2020, and just holding (never sold yet)
What is the remedy for a solution in the correct way following IRS rules? IRS rules for cost basis is determined under either method cited on the 1099-B. date doesn't matter because it's not reported to the IRS and all sales are short-term
Also, Descriptions (name of ETFs) and Dates and $ in the Statement of "FEES and EXPENSES" (Gross Proceeds Investment Expense total $ 7.78)" are EXACTLY same as the descriptions and details of 8949 above.
Can I report this Fees and Expenses somewhere? If so, how and where should I do?
the federal tax laws eliminated the deduction of investment expenses through the year 2025 so there is no need to enter them unless your state allows itemized deductions but the total is probably too small to matter
