Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
IAU/GLD and Schedule D
Old 03-08-2014, 12:02 PM   #1
Recycles dryer sheets
Willers's Avatar
 
Join Date: May 2013
Posts: 480
IAU/GLD and Schedule D

I bought some IAU in the 4th quarter of 2013. So far the returns have been positive (which is good), but I didn't know about the apparent tax complexity of dealing with this holding in a taxable account.

A portion of the fund is sold to pay expenses and the cost basis and capital gain/loss must be calculated and reported on Schedule D. The IAU guide to do this is 13 pages long.

I'm wondering if anyone else has dealt with this and knows of a template to calculate this. I can build my own but I'd rather not.

Words of advice to anyone else considering these holdings. Put it in a tax-protected vehicle...

Thanks!
__________________

__________________
“If you don't do it this year, you will be one year older when you do.” - Warren Miller
Willers is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-08-2014, 12:12 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Apr 2011
Posts: 1,558
Why buy something you're going to turn around & sell quickly?
__________________

__________________
gerntz is offline   Reply With Quote
Old 03-08-2014, 12:35 PM   #3
Recycles dryer sheets
Willers's Avatar
 
Join Date: May 2013
Posts: 480
I probably wasn't clear enough. I'm not selling it. The proceeds from what the EFT management sells to cover expenses is reported on the 1099 WHFIT and a calculation needs to be done to adjust the cost basis and determine capital gain/loss from that business transaction. That change (a nominal amount but still reportable) needs to be listed on the Schedule D.
__________________
“If you don't do it this year, you will be one year older when you do.” - Warren Miller
Willers is offline   Reply With Quote
Old 03-08-2014, 01:56 PM   #4
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,670
Did you look on the iShares site to see if they have tax information on this fund and how to report it?
__________________
Dash man is offline   Reply With Quote
Old 03-08-2014, 02:58 PM   #5
Recycles dryer sheets
Willers's Avatar
 
Join Date: May 2013
Posts: 480
Quote:
Originally Posted by Dash man View Post
Did you look on the iShares site to see if they have tax information on this fund and how to report it?
I did and they have a 13 page guide to calculating it based on the value of the gold and the dates. I can build a sheet to do it, but I was hoping that already existed somewhere.

Lesson learned...
__________________
“If you don't do it this year, you will be one year older when you do.” - Warren Miller
Willers is offline   Reply With Quote
Old 03-08-2014, 05:20 PM   #6
Recycles dryer sheets
lemming's Avatar
 
Join Date: May 2008
Posts: 415
You can try asking on the Turbotax open forum and hope Tom Young is around to answer your question. https://ttlc.intuit.com/
__________________
lemming is offline   Reply With Quote
Old 03-09-2014, 07:25 AM   #7
Recycles dryer sheets
Willers's Avatar
 
Join Date: May 2013
Posts: 480
Thanks for the advice. I'll try that.
__________________
“If you don't do it this year, you will be one year older when you do.” - Warren Miller
Willers is offline   Reply With Quote
Old 03-09-2014, 06:09 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Posts: 3,862
I use GDX, which is gold stocks instead of real gold. It does behave somewhat differently, but has none of the tax differences of real gold.
__________________

__________________
Animorph is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
New Military pay schedule 2011 and 2012 mickeyd FIRE and Money 0 09-22-2011 05:33 PM
Gold / GLD riskadverse Stock Picking and Market Strategy 5 10-10-2008 02:38 PM
gld windsurf Stock Picking and Market Strategy 0 05-23-2008 05:02 PM
entering dividends on Schedule B JohnEyles FIRE and Money 6 02-17-2007 04:10 PM
Educational Careers: Teacher's Schedule? BigMoneyJim Young Dreamers 14 12-10-2004 07:12 PM

 

 
All times are GMT -6. The time now is 03:12 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.