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Sale of Coins and Collectibles

jo1
Level 4

First time entering this into the Proseries software - any tips?

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7 Comments 7
Just-Lisa-Now-
Level 15
Level 15

Are they in the business of selling collectibles (Sch C)?

Or was this just a sale from their own collection (Sch D)?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
jo1
Level 4

own collectibles, so just put it on a schedule D?  Wasn't sure if there was a more appropriate place to put detailed information in.

 

Thank you for the prompt response!

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Just-Lisa-Now-
Level 15
Level 15

Sch D, I 'think' you'll need to double click on an entry line to access the worksheet to mark it as a collectible, since they are taxed at a different rate than regular capital gains.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
jo1
Level 4

thank you - that is the direction I needed.  I knew there had to be a spot to indicate that it was a collectible, but sometimes it's like trying to find that piece of hay in the mound of needles!

 

Hope you have a great weekend!

Harry200
Level 3

Re Sale of collectibles, how do you tell the software that the property is a collectible? TIA

 

 

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abctax55
Level 15

" ..... double click on an entry line to access the worksheet to mark it as a collectible, since they are taxed at a different rate than regular capital gains."

From Lisa's answer ten months ago.

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
abctax55
Level 15

Oh.... unless you are really asking about PTO, not ProSeries.

In Lacerte (PTO's big sister) there's a box to 'check' to tag as collectible

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"