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agaudio23
Returning Member

Collectible sales in premier

Hi i have the Mac version of Turbo tax premier. I got this version solely so that i could enter losses from collectibles, sold on the internet.  I received 1099-k's for these forms. When i go to investment income. it only allows me to select no for the question about 1099-b but does not let me enter another type of sale if i choose to enter each sale individually or enter them as a category.  There is no way to choose any other topic.  I have deleted my entire tax return and started over. I have uninstalled and reinstalled. i have rebooted. But I see no way to properly enter this. Since collectibles are taxed at a higher rate and if i enter them this way the 1099-B will just say see attached statement for the description, which is also not appropriate.  I would love it if someone could tell me what i am doing wrong and reply with really dumb down instructions and screen shots about how i am supposed to do this. It doesn't like i said let me choose what type of sale it is, it just goes right to the 1099-b question and if i answer no or try to continue through it doesn't allow me to enter and sales and just continues with the other investment questions. PLEASE HELP! thank you in advance. all the best and God bless, AG.

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1 Reply
ColeenD3
Expert Alumni

Collectible sales in premier

Please see this answer from DianeW777. See the LINK for screenshots.

 

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

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