The sale or exchange of a collectible held for more than one year may result in a collectible gain or deductible loss.
To be a collectible, the asset must be a(n):
- Work of art
- Precious Metal (Gold, Silver, Platinum Bullion)
- Rare Wines
- Other Tangible Property that the IRS determines is a "collectible" under IRC Section 408(m).
Where to report the information?
To complete the 28% Rate Gain Worksheet, go to the:
- Federal Section
- Capital Gain and Losses Schedule D
- Additional Capital Gains Distributions