Search found 12 matches

by era
Sat Jan 11, 2020 10:24 am
Forum: Gold
Topic: IAU Taxes w/Fidelity and TurboTax
Replies: 40
Views: 3713

Re: IAU Taxes w/Fidelity and TurboTax

Honestly, these kinds of tax headaches are exactly why I got rid of my taxable gold ETFs a long time ago in favor of physical or Perth Mint gold. However this thread raises an interesting question: any storage, insurance etc charges need to be tracked as it's part of your cost basis in the investme...
by era
Sat Jan 11, 2020 9:23 am
Forum: Gold
Topic: IAU Taxes w/Fidelity and TurboTax
Replies: 40
Views: 3713

Re: IAU Taxes w/Fidelity and TurboTax

Tyler - For fidelity, do they assume "proper treatment" is capital gains taxed at the commodities rate? (Asking since it appears your account does the most things "automatically", probably because iShares and Fidelity have an arrangement together I believe.) I haven't personally had a net taxable c...
by era
Thu Jan 09, 2020 9:56 pm
Forum: Gold
Topic: IAU Taxes w/Fidelity and TurboTax
Replies: 40
Views: 3713

Re: IAU Taxes w/Fidelity and TurboTax

"Consult with your tax advisor regarding proper treatment" Tyler - For fidelity, do they assume "proper treatment" is capital gains taxed at the commodities rate? (Asking since it appears your account does the most things "automatically", probably because iShares and Fidelity have an arrangement tog...
by era
Thu Jan 09, 2020 8:20 pm
Forum: Gold
Topic: IAU Taxes w/Fidelity and TurboTax
Replies: 40
Views: 3713

Re: IAU Taxes w/Fidelity and TurboTax

So you do not need to pay capital gains tax on the micro sale in the year they happen? Is that a special rule for these types of capital gains?
by era
Thu Jan 09, 2020 4:33 pm
Forum: Gold
Topic: IAU Taxes w/Fidelity and TurboTax
Replies: 40
Views: 3713

Re: IAU Taxes w/Fidelity and TurboTax

::) Are the individual sales tracked throughout the year somewhere on your Fidelity account? In other words, for example in my Vanguard account, I can go to the tax center any time through the year and look at my "realized capital gains" for the given year. Or do they just come out at the end of the...
by era
Thu Jan 09, 2020 3:05 pm
Forum: Gold
Topic: IAU Taxes w/Fidelity and TurboTax
Replies: 40
Views: 3713

Re: IAU Taxes w/Fidelity and TurboTax

I am a fan of Fidelity, but why can't you just buy IAU in your Vanguard account? There is now no commissions there either. I would definitely prefer that - but based on this thread: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=250680 It does not appear that Vanguard handles gold ETF expens...
by era
Thu Jan 09, 2020 12:13 pm
Forum: Gold
Topic: IAU Taxes w/Fidelity and TurboTax
Replies: 40
Views: 3713

Re: IAU Taxes w/Fidelity and TurboTax

I had a quick follow up question regarding this - how are the small transactions reported? Are they little capital gains (i.e. on the 1099)? If so, if the price of gold goes up and down throughout the year, do some of the gains/losses cancel each other out? Yes, that's exactly how it works. Basical...
by era
Tue Jan 07, 2020 9:56 pm
Forum: Gold
Topic: IAU Taxes w/Fidelity and TurboTax
Replies: 40
Views: 3713

Re: IAU Taxes w/Fidelity and TurboTax

I own IAU through Fidelity. When you look at the annual summary, it indeed does report lots of small transactions. But Turbotax imports them all automatically so it's not a big deal. I've never had to deal with a K-1 form, and according to this list physically backed funds like GLD and IAU don't ha...
by era
Wed Nov 13, 2019 3:57 pm
Forum: Gold
Topic: Taxes on APMEX Gold
Replies: 2
Views: 612

Taxes on APMEX Gold

Does anyone have experience with buying, then subsequently selling gold from/to APMEX? If so, I would assume that the prices & dates of purchase/sale would need to be accounted for in order to determine the capital gains tax? This seems like a fairly straightforward way of owning physical gold, that...
by era
Sun Nov 10, 2019 3:41 pm
Forum: Gold
Topic: IAU Taxes w/Fidelity and TurboTax
Replies: 40
Views: 3713

Re: IAU Taxes w/Fidelity and TurboTax

I’ve definitely sold IAU, although I don’t remember specific times when I had a capital gain that wasn’t also offset by a capital loss elsewhere. But TurboTax is incredibly thorough, so my working assumption is that it’s all baked in. This actually leads to one other question I have - I plan to hol...
by era
Sun Nov 10, 2019 3:11 pm
Forum: Gold
Topic: IAU Taxes w/Fidelity and TurboTax
Replies: 40
Views: 3713

Re: IAU Taxes w/Fidelity and TurboTax

I own IAU through Fidelity. When you look at the annual summary, it indeed does report lots of small transactions. But Turbotax imports them all automatically so it's not a big deal. I've never had to deal with a K-1 form, and according to this list physically backed funds like GLD and IAU don't ha...
by era
Sun Nov 10, 2019 2:35 pm
Forum: Gold
Topic: IAU Taxes w/Fidelity and TurboTax
Replies: 40
Views: 3713

IAU Taxes w/Fidelity and TurboTax

I have recently discovered the PP and am looking to transition to it. I have a couple questions regarding the gold allocation: I think I am going to open up a taxable brokerage account with Fidelity and purchase the IAU ETF. 1) It looks like the fund expenses are gathered by selling off tiny portion...