Capital Gains and Losses - Capital Gains Collectibles 28% Rate Gain
1
Collectibles include works of art, rugs, antiques, metals (such as gold, silver, and platinum bullion), gems, stamps, coins, alcoholic beverages, and certain other tangible properties. 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 so the TaxAct program can transfer the info to Schedule D Capital Gains and Losses.
To report gain or loss on the sale of a collectible on Form 1099-B in the TaxAct program, follow the steps below.
Online
Dashboard
From within your TaxAct return, click Income.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Investments & Savings drop-down and click Add beside Stocks, Cryptocurrency & Other Investments.
Search for your financial provider or click Enter 1099 Manually.
Enter your details, then on the uncommon situations screen, check Box3. Proceeds are from collectibles.
Complete the rest of the interview process.
Classic
From within your TaxAct return, click Federal.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Investment Income drop-down, click the Gain or loss on the sale of investments drop-down, then click Capital gain or loss (Form 1099-B).
On the uncommon situations screen, check Box3. Proceeds are from collectibles.
Complete the rest of the interview process.
Desktop
From within your TaxAct return, click Federal.
Click the Investment Income drop-down, click the Gain or loss on the sale of investments drop-down, then click Capital gain or loss (Form 1099-B).
On the uncommon situations screen, check Box3. Proceeds are from collectibles.
Complete the rest of the interview process.
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