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 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 Box 3. 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 Box 3. 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 Box 3. Proceeds are from collectibles.
- Complete the rest of the interview process.