How to enter an IAU ETF (gold, collectible) transaction

Forum|Forum|3 years ago
April 1, 2023
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Hello-

I have some transactions from an ETF (IAU) that solely consists of gold, so it is my understanding that any taxable transaction for this ETF will be at the "collectibles" rate.

So I'm at Federal Taxes Tab->Wages & Income->Investment Income->Stocks, Mutual Funds, Bonds, Other, and have entered the transactions. I don't see any way to designate these specific transactions as "collectibles."

How do I do this please?

Thanks for your time in advance.

Best answer by PattiF

The collectible box is available now in TurboTax Desktop for investment sales.

After you enter information about the sale: Description, Date sold, Date acquired, Sales proceeds, Cost or other basis, Click Continue
Any of these less common items for this sale? Put a check in the line for Proceeds from collectibles

ualdriverAuthor

No answer to this question? I thought this would be an easy question for someone : (

PattiFAnswer

The collectible box is available now in TurboTax Desktop for investment sales.

After you enter information about the sale: Description, Date sold, Date acquired, Sales proceeds, Cost or other basis, Click Continue
Any of these less common items for this sale? Put a check in the line for Proceeds from collectibles

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

ualdriverAuthor

@PattiF

PattiF-

Thanks. I now see those menu options on a following page after I hit "continue," but ONLY if I make the selection, "I'll enter one sale at a time." I don't get the following page after hitting "continue" with the collectible checkbox option (and other options) if I download my info from Vanguard and Fidelity and hit "continue," nor do I get that if I select, "I'll enter a summary for each sale category." Am I missing something? It's kind of a pain as if one owns an ETF like IAU which only has gold in it, it sells a little bit of gold every month to cover expenses, creating 12 individual transactions that would have to be entered manually instead of just downloading the data. And that would be for each ETF treated as a collectible by the IRS.

Anyway, thanks PatiF for helping me.