"Arthur Kamlet" <kamlet[at]panix.com> wrote in message
news:gbebqk$b9f$1[at]reader1.panix.com...
- quote -

Thanks - I really didn't think this question had you stumped, so I knew you
were up to something. Glad you are tan and rested.

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In article <XDAwk.203571$102.108246[at]bgtnsc05-news.ops.worldnet.att.net> ,
Gil Faver <rowdy'sboss[at]xxyz.com> wrote:
- quote -


Sorry, but we have been on a 2 1/2 week visit to Spain & Portugal
and just got back. Coming back was part of an Atlantic repositioning
trip for the ship, five solid days of not getting on and off the ship
for another tour, and the casino open every day:^)


Anyway -- brokered CDs usually result in a 1099B, and whether they issue
the 1099B or not, report the commission as cost of sale on schedule D.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Arthur Kamlet" <kamlet[at]panix.com> wrote in message
news:g9sh2t$np4$1[at]reader1.panix.com...
- quote -


thanks. and how do I handle commissions?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <iehwk.27907$Mh5.20663[at]bgtnsc04-news.ops.worldnet.att.net> ,
Gil Faver <rowdy'sboss[at]xxyz.com> wrote:
- quote -


The 1099 should reflect the total interest allocated to the tax year,
if the term is for more han one year. This is without regard for any
accrued interest you paid.


So report the entire amount of 1099 interest.

Your confimation slip should reflect the accrued interest you paid
and that goes to Schedule B as a negative amount (assuming you have
enough interest to subtract the accrued interest from, without going
below zero)
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

if I buy a brokered CD that includes some accrued interest, how is that
handled on the 1099 at the end of the year? For example, a $100k CD has a
couple days accrued interest, so I bought it for $100,123.00. Will the 1099
from the brokerage account net out this $123 from the total interest I
receive on the CD? Or do I have to do some fancy footwork on my end?

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >