tax calculation on long term collectibles

[BusNut]

I have entered the gain on a long term collectible that I sold in 2019. As I understand the tax code, there is to be a 28% tax on the entire gain. Turbotax is calculating a total tax liability (that includes all my other income too)  that is far lower than 28% of the gain I am claiming. What might cause this to happen? Is there a problem with TurboTax in this detail? When I go through the forms I see that the gain is entered in what appears to be the correct places and reference is made to the form 8949 and I have checked box F. Any ideas are appreciated.  Thanks.

[DavidD66 · Accepted solution]

You can be confident that there is not a problem with TurboTax calculating your capital gains and subsequent tax.  According to the IRS "Net capital gains from selling collectibles (such as coins or art) are taxed at a maximum 28% rate."  The rate can be less, depending upon your other income and tax bracket.

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