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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.

HumanKind... Be Both
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

HumanKind... Be Both