Capital Gains and Losses - Capital Gains Collectibles 28% Rate Gain

Collectibles include works of art, rugs, antiques, metals (such as gold, silver, and platinum bullion), gems, stamps, coins, alcoholic beverages, and certain other tangible property.

If you have a gain or loss on the sale of a collectible, you must create a Form 1099-B Proceeds From Broker and Barter Exchange Transactions in the TaxAct program and answer all questions appropriately in order for Schedule D Capital Gains and Losses to calculate.

To enter Form 1099-B for your capital gain or loss transactions through the Q&A:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Investment Income in the Federal Quick Q&A Topics menu to expand, click Gain or loss on the sale of investments to expand, then click Capital gain or loss (Form 1099-B).
  3. Click + Add Form 1099-B to create a new copy of the form or click Edit to review a form already created.
  4. Click Quick Entry to scroll down to answer all applicable questions (including checking Collectibles in Box 3) or click Step-by-Step Guidance to proceed with the program interview questions.
  5. When on the screen titled Investment Sales - Transaction Details, be sure to check Proceeds are from collectibles (box 3), then click Continue.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.