Gold ETF (GLD) and Wash Sales: What Traders Need to Know About Section 475 (Money Show)

Post-Webinar Technical Update (May 2026)

Following additional statutory analysis and internal research after this April 22, 2026, webinar, our current view on certain GLD and GLD-option tax issues has evolved.

In particular, our updated analysis now places greater emphasis on the exchange-traded wrapper structure and instrument definitions applicable under IRC Sections 1091, 475, and 1256, rather than applying a broad look-through-to-bullion framework across all Code provisions.

Among other updates:

• GLD shares may conservatively be treated as securities for wash-sale purposes,

• GLD held by Section 475 traders generally may fall within Section 475 MTM,

• and GLD options should not automatically be presumed to qualify for Section 1256 treatment without confirming nonequity option classification support.

For our updated analysis, see:
GLD Tax Treatment Revisited: Wash Sales, Section 475, and the Section 1256 Debate

Original Webinar description:
Many traders assume gold ETFs like GLD follow stock tax rules—but that’s not always the case, especially for active traders.

Quick takeaway: GLD is generally treated as property for investors, but may be treated as a security for traders using Section 475.

In this session, we explain how GLD (the SPDR Gold Trust ETF) is treated under the tax code, including why wash-sale rules typically do not apply, and how Section 475 mark-to-market accounting can change the analysis for traders.

We’ll also discuss how GLD options are reported, why exchange classifications are not based on tax law, and when traders may depart from Form 1099-B reporting. In addition, we’ll cover the broader framework of how different sections of the tax code define “securities,” leading to different tax outcomes for the same instrument.

This session is based on GreenTraderTax’s ongoing research into the tax treatment of traders under Sections 1091 and 475 and is designed to help traders better understand how these rules apply in practice.