The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: SPDR GLD 1099B||Date: 3/16/2010 3:46 PM|
|Author: irasmilo||Number: 109625 of 124470|
Has anyone had problems doing the GLD 1099B calculations entry into their taxes?
No. It's pretty straightforward. You have a Schedule D entry which shows the sales proceeds from the 1099-B as both the cost and the sales amount. The purchase date is the date you first purchased GLD.
You have a miscellaneous itemized deduction (subject to 2% AGI) for the same amount.
You need to reduce your cost basis in your records for the GLD you still own by the amount shown on the 1099-B.
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