I sold a few thousand dollars worth of gold coins last year, how do I report this via Turbotax?

Forum|Forum|4 years ago
May 18, 2021
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I should first point out that the gold coins were a gift from a deceased family member. Should I report this under "Less Common Income>Miscellaneous Income, 1099-A, 1099-C" or something else?

Or does the sale even have to be reported at all considering the coins were a gift? Please let me know. Thanks.

TurboTax Deluxe Online

Best answer by DawnC

Yes, you need to report it on Schedule D. If you received a 1099-B, follow these instructions and mark the sale as a collectible sale. The basis is whatever the deceased family paid for them.

If you did not receive the 1099-B, report it in the same section and just answer NO to the Did you receive a 1099-B? question. This discussion covers the sale of gold with no tax form.

anthonytaxes20Author

Does anyone know?

DawnCAnswer

Employee

Yes, you need to report it on Schedule D. If you received a 1099-B, follow these instructions and mark the sale as a collectible sale. The basis is whatever the deceased family paid for them.

If you did not receive the 1099-B, report it in the same section and just answer NO to the Did you receive a 1099-B? question. This discussion covers the sale of gold with no tax form.

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