I sold some vintage motorcycles at a profit how do i claim that

[Vanessa A]

 You would enter your vintage motorcycle sale by selecting the following:

• Federal
• Income
• Show More next to Investment Income
• Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) 
• Select Other
• Continue through and select Collectibles for the type of investment
• Then walk through the questions and enter the sale of your motorcycle

[z1900dave]

I see collectables do not list vehicles as an option . And id rather not have to pay 28% isn't there another way to provide this as income

[z1900dave]

I read that vehicles do not need to go under collectables as to not have to pay 28%. How would I list this under an income at normal tax rates. 

[ThomasM125]

If the items aren't considered collectables, then you would report the sales as personal, or capital assets. As such, they would be taxed on your federal tax return at capital gains rates (0%, 15% or 20%, depending on your income.) However, if the item was held for one year or less, it would be taxed at ordinary tax rates.

Follow these steps to enter your investment sales in TurboTax:

While in the Federal section of TurboTax:

  1. Income and Expenses

  2. Investment Income

  3. Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)

  4. Choose the Other option

  5. Choose Personal items for the category of items sold

Enter the information requested, such as cost, sales amount, etc...

[Rick19744]

Keep in mind, that while proposed regulations do provide some detail as to what is considered a collectible, which does not specifically include a vehicle, there is the broad reach of the IRS where it states "Any other tangible personal property which the Commissioner determines is a “collectible” for purposes of this section."

This language could certainly include some vehicles and other vintage type assets (ie; your vintage motorcycle).

This forum is not conducive in determining whether your "vintage motorcycle" should be classified as a collectible subject to the 28% tax rate.