how do I imput collectables-gold?

[ajohnson]

gold

[MinhT1]

The IRS classifies the sale of physical gold as a collectible sale.

Capital gains on the sale of collectibles held for a year or more are taxed at a maximum 28% rate.

You can enter the sale of your collectible by following these steps:

1. In TurboTax Online, open your tax return
2. Click on Federal in the left-hand column, then on Wages & Income
3. Locate the section Investments and Savings and click on the arrow on the right
4. Click Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
5. Answer Yes to the question: Did you sell any investments?
6. Answer No to the question: Did you receive a form 1099-B or brokerage statement?
7. Select Collectible from the list of investments.
8. Follow the TurboTax interview to enter your information. If you incurred sale expenses, you can subtract them from the proceeds.

[epaclubtax]

I  use the premier version on MAC, it does not ask if the gain is a collectible.  Please advise.  I also tried to edit the 28% Rate Gain Worksheet but it does not let me to edit.  Why? Please advise.

[DianeW777]

There will be a dropdown box for you to select or check a box for 'Collectibles' as you enter your investment sale.

• Look for a checkbox or dropdown menu that allows you to select "Collectibles".

Please update here if you need further assistance.

@epaclubtax 

[epaclubtax]

I imported GLD ETF 1099-B from Schwab.  I entered the cost basis n date of sale.  TurboTax calculated the gains but treated it as a regular stock gain but not as a collectible.  So I went to the investment edit screen trying to check the box or answer questions using the edit button, but no drop down or box present to me, why?   I use the desktop version on Mac.

[Karis_F]

Because the transaction was imported, it seems that you are not able to see the Collectible sale option. I suggest that you delete the imported transaction and manually enter it in TurboTax Desktop in:

Personal Income>Investment Income>Stocks, Cryptocurrency, Mutual Funds, Bonds, Other

When you Add the Investment, select Other as the type of investment being sold.

The following screen will ask for a description, and the screen after will provide a drop-down box where you will select Collectible.

[epaclubtax]

It works as you instructed.  thank you!  But Turbotax should fix this problem and give the option to choose COLLECTIBLE after importing from your broker.  To manually input all these data is very inconvenient and users should be alerted by Turbotax about this problem.  I wasted a whole day trying to figure out how to do this.

However, thanks again for the insight and solution!