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March 12, 2021
Question

Change financial institution capital gains.

  • March 12, 2021
  • 1 reply
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Hi I have received some 1099-k forms that i am reporting under schedule d for selling of collectables. however when i enter sale the financial institution says see attached document. for the first category and no financial institution for the other. How do I edit these categories to more accurately describe of what these sails are composed. 

    1 reply

    KathrynG3
    March 17, 2021

    How to edit these categories depends on how the information was entered. You may need to delete this entry and re-enter it using the process described below.

     

    Since the income is being reported to you on Form 1099-K, it would be reported in the same area as investments sold on Form 1099-B, but using the Other category.

    1. Go to the search box and enter Investment Sales
    2. Select Jump to Investment Sales
    3. Select Other at the next screen, OK, what type of investments did you sell? and click Continue
    4. At Tell us more about this sale, enter in the name, such as Form 1099-K eBay and the Payer's EIN and click Continue
    5. At Now we'll walk you through entering your sale details, under the first dropdown menu, What type of investment did you sell? Select Collectibles
    6. Answer How did you receive this investment with an option from the dropdown menu.
    7. Enter the Description and date of acquisition
    8. Next, enter your Sale Proceeds and the Total Amount Paid and click Continue
    9. Select None of these apply at Let us know if any of these situations apply to this sale and Continue
    10. Continue through the rest of the prompts