I own GLDM and just received my tax forms for 2021. Under "Proceeds from Broker and Barter Exchange Transactions" GLDM is giving off some kind of "Undetermined Term Transactions for Noncovered Tax Lots." They are listed as "Principal payments." I'm guessing that I have to declare these as income but I've never seen this before. I also own IAU and they don't seem to spin off these transactions.
What the hell is this?
My Tax Forms and GLDM
Moderator: Global Moderator
- vnatale
- Executive Member
- Posts: 9490
- Joined: Fri Apr 12, 2019 8:56 pm
- Location: Massachusetts
- Contact:
Re: My Tax Forms and GLDM
Don wrote: ↑Fri Feb 18, 2022 1:59 pm
I own GLDM and just received my tax forms for 2021. Under "Proceeds from Broker and Barter Exchange Transactions" GLDM is giving off some kind of "Undetermined Term Transactions for Noncovered Tax Lots." They are listed as "Principal payments." I'm guessing that I have to declare these as income but I've never seen this before. I also own IAU and they don't seem to spin off these transactions.
What the hell is this?
A Bing search found this:
https://www.irs.gov/pub/irs-pdf/i1099b.pdf
"Noncovered" is used 17 times in these instructions.
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
- I Shrugged
- Executive Member
- Posts: 2064
- Joined: Tue Dec 18, 2012 6:35 pm
Re: My Tax Forms and GLDM
I don’t think it has ever increased my cost basis. There are two tax entries. One for capital gains if any. Second for expenses related to investment.
Re: My Tax Forms and GLDM
Yeah, my IAU is in a retirement account. That's why I hadn't noticed it before. And my PHYS is PHYS so this doesn't apply.
- I Shrugged
- Executive Member
- Posts: 2064
- Joined: Tue Dec 18, 2012 6:35 pm
Re: My Tax Forms and GLDM
Yeah, thanks. I've been doing with with my CPA since 08-ish. I do the worksheet according to the GLD year end statement and instructions, and the CPA does it too. There has never been a change in basis for the remaining gold. Maybe some other funds do it differently. I haven't looked at 2021 yet so maybe GLD has done something different this year.MangoMan wrote: ↑Fri Feb 18, 2022 6:49 pmhttps://www.tradelogsoftware.com/resour ... metal-etfsI Shrugged wrote: ↑Fri Feb 18, 2022 5:45 pmI don’t think it has ever increased my cost basis. There are two tax entries. One for capital gains if any. Second for expenses related to investment.
Check with your tax guy.