TTax is not putting Code C in Column F on Form 8949 for my short term collectible transaction. I assume this is because it is just treated at the ordinary income rate?
Is this being done because even though it is a collectible transaction, it is just treated at the ordinary rate because it is a short term transaction? For my long term collectible transactions , it puts Code C...but not for my short term ones.
01255
1 Replies
TeresaM
Expert Alumni
Mar 18, 2022 6:46:49 AM
Yes, because it is a short-term collectible sale, it will be taxed at your ordinary-income tax rate. With a long-term collectible sale, it is coded with a C so it can generate a 28% Rate Gain Worksheet to flow into Schedule D.