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jw007
Returning Member

Collectible sale not showing as Collectible after typing in "C" - TurboTax Desktop Home & Business Mac

Hello,

My TurboTax is not recognizing my sale as a "collectible" which should be 28% tax rate.

I have entered "C" into the form but my amount owed does not change if I have "C" or not "C".

 

This is what I did, but it does not work. Please help.

There is a way to enter a summary of collectible sales.

  • Click on I'll enter a summary for each sales category.
  • Enter Total proceedsTotal cost basis, and Holding period
  • Check the box below the Holding period for I have adjustments to enter for sales in this summary
  • Then Select Learn More after List all adjustment codes
  • Code C is for collectible

screenshots:

Screen Shot 2022-04-18 at 9.12.46 PM.pngScreen Shot 2022-04-18 at 9.12.36 PM.png

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2 Replies
jw007
Returning Member

Collectible sale not showing as Collectible after typing in "C" - TurboTax Desktop Home & Business Mac

anyone have a solution?

GeorgeM777
Expert Alumni

Collectible sale not showing as Collectible after typing in "C" - TurboTax Desktop Home & Business Mac

As these collectible sales are short-term, ordinary income tax rates will apply.  If you have not already done so, you might have to move through the entire section before your tax due amount will update.   

 

@jw007

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