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Where is Form 8949--sale of collectibles?

cjitnhkyes

Sale of GLD ETF is taxed as a collectible rather than the usual capital gains tax rate.

Where in FreetaxUSA will I access form 8949?

A website called www.form8949.com describes the following steps:

Investment Sales > Stock, Bonds, Mutual Funds > Summary > (four screens for Basis and Wash info)

Then, during Review Tax Return (the step before filing), the option of adding a Summary Statement will be automatically generated. And the 8949 goes there.

Does this sound correct for 2023?

Thank you!

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Accepted answers

kiarab

Hello,

Form 8949 will generate for you based on your information that you enter into our software.

You will want to enter the sale of your collectible by going to Income → Common Income → Stocks or Investments Sold (1099-B)
You will say that you want to enter an investment sale.
The software should show you three types of investments, pick "Other" since you sold a collectible.
The software will ask who owned the investments and then it will ask if you want to report it as a summary or one at a time. You will want to select One at a Time.
Answer the questions on the next few pages.
After you enter the specific info on your collectible sale, like proceeds and cost basis, the next page will have a checkmark that says "This is a sale of a collectible"
Once you are done, you can click on the 3 horizontal dots in the corner. You should see them when you are back to the "Your Stocks or Investments Sold" page. If you click on the dots, you should see an option to preview your return. There you can see if form 8949 has been added to your tax return. It should be below your Schedule D if one was generated for you.

All comments

kiarab

Hello,

Form 8949 will generate for you based on your information that you enter into our software.

You will want to enter the sale of your collectible by going to Income → Common Income → Stocks or Investments Sold (1099-B)
You will say that you want to enter an investment sale.
The software should show you three types of investments, pick "Other" since you sold a collectible.
The software will ask who owned the investments and then it will ask if you want to report it as a summary or one at a time. You will want to select One at a Time.
Answer the questions on the next few pages.
After you enter the specific info on your collectible sale, like proceeds and cost basis, the next page will have a checkmark that says "This is a sale of a collectible"
Once you are done, you can click on the 3 horizontal dots in the corner. You should see them when you are back to the "Your Stocks or Investments Sold" page. If you click on the dots, you should see an option to preview your return. There you can see if form 8949 has been added to your tax return. It should be below your Schedule D if one was generated for you.

p#rom2988

the procedure that you have provided will it be apply to sales of long term mutual fund shares from the 90s. I get a 1099-B from the bank will it generate that 8949 form in terms of average cost basis ?

MatthewD

Hello,

When you enter a 1099-B, a 8949 will generate based on some criteria. If it has adjustments, wash sales, or no basis was reported to the IRS or you are entering a summary statement.