DaveF1006
Expert Alumni

Get your taxes done using TurboTax

Yes, if you decide to report these transactions individually, you would ignore such things as accrued market value, accrued market discount, Wash Sale loss disallowed, Proceeds from collectibles, Fed/State tax withheld as these don't pertain to you. These are important when reporting sales of stocks and bonds or similar investment transactions.

 

As far as date acquired, if you don't know, you might estimate the date or time frame when you first purchased these. The date is not so important as the holding period you own these personal items.

 

It determines  the tax treatment you received on your return.  if you own these items longer than 1 yr., you will be taxed at a long-term taxable rate. If one year or shorter, the sales are treated as a short-term sale and you will be taxed at the ordinary income tax rate. 

 

I hope this helps clarify any questions you may have. If it doesn't, please reach back to us as we are here to help.

 

@Beldorx 

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