1099b box 1a "type of asset" - none of the options seem right

[cdbmkenirsk11]

Under the heading

          Sales info (Boxes 1a - 1e)

           What type of investment did you sell?

TurboTax lets me select one of { Stock | Crypto | Mutual | Bond | Options }

The investment that I sold was precious metals from a Precious Metals account.

What should I enter here? The actual 1099b box 1a just has  the words Precious Metal

[rjs · Accepted solution]

On the screen that says "Tell us about the sales . . .," when it asked "Do these sales include any other types of investments," you should have answered Yes. Then you would get a longer list of types, including Collectible and Other.

[cdbmkenirsk11]

well that's pretty clever. I would rather call it "Other" than distort it by calling it "stock". Thanks.

[ThomasM125]

Since you did not sell stock, or cryptocurrency, you would choose the "Other" option. 

When you enter the sales data, choose the Collectible option

Collectibles have a maximum federal capital gains tax rate of 28%, higher that the normal maximum capital gains rate of 20%, so it is important to get the sales category correct. You can learn more here: Investment in Collectibles

[cdbmkenirsk11]

Thanks for the additional insights and the link to Investments In Collectibles.

Fortunately my investments are NOT  "collectible" because the gold is stored somewhere at the bank or a non-bank trustee.

From the link you kindly provided:

The following coins and metals are not included in the definition of “collectible” under IRC Section 408(m):

• Certain gold, silver, or platinum coins described in 31 USC Section 5112. See IRC Section 408(m)(3)(A) for the full definition.
• Any coin issued under the laws of any state.
• Any gold, silver, platinum, or palladium bullion of a certain fineness if a bank or approved non-bank trustee keeps physical possession of it. See IRC Section 408(m)(3).