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Business & farm
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...
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‎February 28, 2022
11:47 AM