Question

Sale of personal property with no 1099K

Forum|Forum|1 year ago
April 4, 2025
1 reply
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I sold bullion to a buyer who does not issue 1099K forms. This topic is not completely clarified in other answers. Where do I enter the income and where do I enter my basis? No prior answers describe this exactly in Turbotax Deluxe. I'm looking for some way to enter the proceeds received and the original cost of the bullion, which because of its age, would be long term capital gain. Everything I've tried simply makes my yearly income go up. The profit was a bit more than $5000, so I assume this is reportable.

V

Vanessa A

Yes, it is reportable income. You would enter it the sale of investment property. You will be able to enter the date you purchased it and the date you sold it which will allow you to get the long term capital gain treatment and you will also be able to enter your cost basis.

You would enter the sale by clicking the following:

Federal
Income
Show More next to Investment Income
Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Select Other
Continue through and select other for the type of investment
Answer how you obtained it
You will need to enter the selling price, dates and the cost basis

Note, your navigation sequence may be slightly different. You can also use the Jump to feature by entering investment sale in the search bar at the top of the screen.

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