Question

Collectible sale not showing as Collectible

Forum|Forum|5 years ago
March 6, 2021
2 replies
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I have some sales of collectibles to report. I select Collectible in "What type of investment did you sell?" but no matter what I do it will be reported as a normal sale. It does not get flagged with a "C" in Form 8949 nor in the Form 1099-B Worksheet. Schedule D will have line 18 blank as well. Last year worked perfectly. Looks like a bug.

TurboTax Free Edition Online

D

DianeW777

You definitely want the sale recognized as a collectible because of the special higher capital gains tax rate for collectibles.

In TurboTax Online or TurboTax CD/Download use the following steps.

Once you are in the tax return select Wages and Income > Scroll to Investment Income
Select Stocks, Bonds, Mutual Funds, Other > Add more sales (you may need to delete your original entry)
Select Other as the sales type > Continue > Enter the Description > Continue
1. For the download version enter your sales information > Continue > Select the checkbox next to Proceeds from collectibles
2. For the online version in the top dropdown selection choose
Continue to enter your sale
See the image below for both versions for assistance.

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R

ra49Author

Thank you. Unfortunately this does not work, at least in the Online version.

I can select Collectible and I follow every step. At the end TurboTax will not consider this investment as Collectible.

This part of the Investment entry is definitely broken.

ColeenD3

You may need to get the desktop version. Since you have already paid for online, you can call and ask for a "push" for TTD.

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Frank77

There is no place to enter collectible sale.

F

Frank77

Please fix it.

DaveF1006

Yes, there is a way.

Log into Turbo Tax
Go to federal>wages and income >
Investment income
Stocks, Mutual Funds, Bonds, Other (1099-B)
Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
- If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
When asked how you want to enter your 1099-B, select I'll type it in myself
When you get to a screen that is entitled Now we’ll walk you through entering your sale details in the first drop down box, select collectible. Here is a screenshot on what this looks like.