Question

How do I report the capital gains on the sale of "collectible securities" (Line 3, Form 1099-B). This was reported to me by Merrill Lynch.

Forum|Forum|4 years ago
March 18, 2022
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TurboTax Premier Online

You will report the form 1099-B in the Investment Income section of TurboTax, under Income and Expenses, then choose Stocks, Mutual Funds, Bonds, Other. Answer the questions in that section and enter the amounts off of your 1099-B form. On the screen that says Any of these less common items on your (name of broker) 1099-B? One of the options will be Box 3 Proceeds from collectibles. Check that box and the gain will be taxed at 28%, the tax rate on gains from collectibles.

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