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Level 2
posted Mar 1, 2023 12:42:30 PM

I sold some tangible personal property at a profit. How do I report this in TurboTax?

Hello, I sold some tangible personal property this year at a profit. From what I read online I would have to fill out a Schedule D and Form 8949. Is there a way to add these forms inside TurboTax? If so, how would I go about doing that? Some are short term capital gains, and some are long term capital gains. 

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1 Best answer
Expert Alumni
Mar 1, 2023 12:59:09 PM

You enter the sale of personal property at a profit as a sale of investment property.

 

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

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income 
  3. Continue to locate the section Investment and Savings and click on Show more
  4. Click Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other​​​​​​​
  5. Continue and choose Other then click Continue
  6. On the next screen you have a menu where you can choose the type of investment you are selling
  7. Choose Personal items

TurboTax will populate form 8949 and Schedule D for you.

1 Replies
Expert Alumni
Mar 1, 2023 12:59:09 PM

You enter the sale of personal property at a profit as a sale of investment property.

 

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

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income 
  3. Continue to locate the section Investment and Savings and click on Show more
  4. Click Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other​​​​​​​
  5. Continue and choose Other then click Continue
  6. On the next screen you have a menu where you can choose the type of investment you are selling
  7. Choose Personal items

TurboTax will populate form 8949 and Schedule D for you.