Sale of Coins and Collectibles

[jo1]

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

[Just-Lisa-Now-]

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

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

[jo1]

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!

[Just-Lisa-Now-]

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.

[jo1]

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]

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

[abctax55]

" ..... 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.

[abctax55]

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