- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
As @MinhT stated, report the profitable sale of collectibles as the sale of an investment. If you had owned them for 1 year or more, the profit (gain) will be taxed at a lower rate than your 'ordinary' income.
To report the items sold at a profit, follow these steps:
• In TurboTax, open your tax return
• Click on Federal in the left-hand column, then on Wages & Income on top of the screen
• Scroll down to All Income, locate the section Investment Income and click on Show more
• Click Start next to Interest on Stock, Mutual Funds, Bonds, Other
. Answer Yes on the next screen, then on the following screen choose Personal Items (see screenshot added to the main answer).
. Follow the interview to enter your information.
February 27, 2021
7:20 AM