ajuroff Posted March 20, 2008 Report Share Posted March 20, 2008 Income from REMIC - Principal Payments reported on 1099-B? Any help out there? I'm confused (and have had the flu for 4 days) :wacko: Quote Link to comment Share on other sites More sharing options...
indyscott Posted March 21, 2008 Report Share Posted March 21, 2008 Ought to be a Sch D sale of capital asset. Do you have basis dates & investment? Quote Link to comment Share on other sites More sharing options...
ajuroff Posted March 24, 2008 Author Report Share Posted March 24, 2008 These 1099-OID, REMIC's confuse me. (sorry for the delay in replying- this flu kicked my butt) Anyway. I have the "Beginning Position" on 1/1/07 - Quantity of 28,000.00. I have the breakdown of the Accrued Interest for each month. (1/1/07 - 1/24/07, Quantity - 28,000.00, Accrued Int - 47.56....1/25/07 - 2/24/07, Quantity - 28,000.00, Accrued Int. 59.13....etc) End of year 1099-B has breakdown of "Principal Payments" for each month. Price - 0.0000 Quantity - 28,000.00 Amount - $amount for each month (1/25/07 - 60.09 , 2/25/07 - 316.37 , 3/25/07 - 116.77 , etc.) Transaction Description - Principal Payment Could anyone shed a little light on this for me. Many thanks! Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 26, 2008 Report Share Posted March 26, 2008 Principle payments are repayments out of principle, thus you report them on Sch D, but the amount received and the basis is the same, which is why they are 'principle payments'. Quote Link to comment Share on other sites More sharing options...
ajuroff Posted March 26, 2008 Author Report Share Posted March 26, 2008 Principle payments are repayments out of principle, thus you report them on Sch D, but the amount received and the basis is the same, which is why they are 'principle payments'. Thanks KC - I believe I was just trying to over-think this. (making a mountain out of a mole hill...isn't that the saying?) Appreciate the response greatly! Amy Quote Link to comment Share on other sites More sharing options...
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