Collectible sale not showing as Collectible

[ra49]

I have some sales of collectibles to report. I select Collectible in "What type of investment did you sell?" but no matter what I do it will be reported as a normal sale. It does not get flagged with a "C" in Form 8949 nor in the Form 1099-B Worksheet. Schedule D will have line 18 blank as well. Last year worked perfectly. Looks like a bug.

[DianeW777]

You definitely want the sale recognized as a collectible because of the special higher capital gains tax rate for collectibles. 

In TurboTax Online or TurboTax CD/Download use the following steps.

1. Once you are in the tax return select Wages and Income > Scroll to Investment Income
2. Select Stocks, Bonds, Mutual Funds, Other > Add more sales (you may need to delete your original entry)
3. Select Other as the sales type > Continue > Enter the Description > Continue
   1. For the download version enter your sales information > Continue > Select the checkbox next to Proceeds from collectibles
   2. For the online version in the top dropdown selection choose 
4. Continue to enter your sale
5. See the image below for both versions for assistance.

[ra49]

Thank you. Unfortunately this does not work, at least in the Online version.

I can select Collectible and I follow every step. At the end TurboTax will not consider this investment as Collectible.

This part of the Investment entry is definitely broken. 

[ColeenD3]

You may need to get the desktop version. Since you have already paid for online, you can call and  ask for a "push" for TTD. 

[ra49]

Thank you ColeenD3. I am in the IRS Free File Program of TurboTax. I will not be upgraded to Desktop.

Besides, this bug should be reported and solved, or a warning should be issued. Otherwise there are people wrongly filing taxes with Collectibles as normal investments.

[DianeW777]

@ra49

As a reminder the capital gain tax rate for collectibles is a maximum of 28%, but that rate will only be applied if your personal income tax rate is higher.  

Would you clarify why and where you believe TurboTax is not considering this?  

[ra49]

@DianeW777

Thank you.

As I said in my opening post "It does not get flagged with a "C" in Form 8949 nor in the Form 1099-B Worksheet. Schedule D will have line 18 blank as well." And no "28% Rate Gain" Worksheet is issued.

Last year all this worked like a charm.

[Frank77]

There is no place to enter collectible sale.

[Frank77]

Please fix it.

[DaveF1006]

Yes, there is a way. 

1. Log into Turbo Tax
2. Go to federal>wages and income > 
3. Investment income
4. Stocks, Mutual Funds, Bonds, Other (1099-B)
5. Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
   • If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
6. When asked how you want to enter your 1099-B, select I'll type it in myself
7. When you get to a screen that is entitled Now we’ll walk you through entering your sale details in the first drop down box, select collectible. Here is a screenshot on what this looks like. 

1.  

[Frank77]

I don't see this feature on turbo tax CD.

Can I import the data into desktop?

Thanks

[Nevie]

Dave,

The approach you describe does not work with the CD/Desktop version. After entering that you want to "I'll type it myself", it will not proceed UNLESS you indicate a brokerage firm. I also sold baseball cards through an auction house. I see no way to get to the "Collectible" designation so the software knows what I'm entering.

Nevie

[Z3phyr]

Search for the "28% Rate Gain Worksheet", and enter the gain from collectibles on line 1.  Line 1 is "Enter the total of all collectibles gain or (loss) from items reported on Form 8949, Part II".   I had to use override to manually enter the value.

[dtorjor]

This issue has to be fixed, when you enter C for collectible it is not showing up in the 28% rate worksheet

[DawnC]

Where you indicate the investment was a collectible depends on what version you are using.   If you are using the desktop version, there will be a follow-up question after you enter the 1099-B and you will put a checkmark next to Proceeds from collectibles.     If you are using the Online version, you will choose Collectible from the investment type list, see below.   

@dtorjor