if you recieved money from a bond is that a consolidated brokerage statement

CaseyRyback

CaseyRyback

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I am doing my taxes and I have a bond I cashed in. Should I put it in the capital gains section or under consolidated brokerage statement
 
sorry i have nothing to say about the above cause frankly i dont know what the hell you just said but i miss razor ramon and i hate terry cause my friend always cheaps my ass out with him in capcom vs snk 2.
 
[quote name='CaseyRyback']I am doing my taxes and I have a bond I cashed in. Should I put it in the capital gains section or under consolidated brokerage statement[/quote]

The gains goes in the Schedule D section of the tax return.
 
[quote name='CAPTTRIPahh']you shouldnt have waited till the last day...[/quote]

Waiting till last day is not a bad idea if you owe $. :lol:
 
[quote name='racerman8'][quote name='CAPTTRIPahh']you shouldnt have waited till the last day...[/quote]

Waiting till last day is not a bad idea if you owe $. :lol:[/quote]

as I do. I also tried not to wait, but I was in a wreck about a month ago and it has thrown a kink into trying to catch up on things
 
[quote name='CTLesq']Is it a tax free municiple bond?

Any additional information would be helpful.

CTL[/quote]

I do not know if it is tax free. How would I be able to tell
 
I would call your broker. If it was a state or municiple bond it is likely tax free.

My guess would be that if you don't know its tax free, it probably isn't as that is the reason people get tax free bonds to begin with.

And don't apologize for waiting for filing. FOr the last two-three years I have filed in OCTOBER by filing two extensions.

CTL
 
[quote name='CTLesq']I would call your broker. If it was a state or municiple bond it is likely tax free.

My guess would be that if you don't know its tax free, it probably isn't as that is the reason people get tax free bonds to begin with.

And don't apologize for waiting for filing. FOr the last two-three years I have filed in OCTOBER by filing two extensions.

CTL[/quote]

I should not file a W2 if all the money I earned was from this bond and interest income, correct?

Also all I know about the bond is that it was from my grandmother and was for my college.

With this form I also got something saying something about a TOTAL ORIGINAL ISSUE DISCOUNT. What is that about?
 
You wouldn't have a W2 if you only have bond and interest income.

Are you sure you have to file a return? If you are single and this is the only income you have it would have to be substantial for you to have to file.

As for TOID - I don't know. I have an acountant who prepares my taxes. But I also don't have income from bonds.

CTL
 
It is not a consolidated statement. A consolidated statement is something that you get a from a brokerage account in which you have multiple investements. Ex. If you have a fidelity account with 4 investments, they will send you a consolidated statement for all of those investments. Then, you don't have to list each one separately on your taxes.

There are three types of gains: capital gains (ex. when you sell a share of stock at a higher price than what you paid), dividends (some companies pay you money just for owning their stock), and regular income. Interest from a bank, money market accound, CD, etc. is all classified as regular income. I don't know what kind of bond you sold, but if you just got your original investment back along with the accrued interest, I am 99% sure that is just classified as regular income.

Schedule D is for capital gains.
 
[quote name='hulk409']It is not a consolidated statement. A consolidated statement is something that you get a from a brokerage account in which you have multiple investements. Ex. If you have a fidelity account with 4 investments, they will send you a consolidated statement for all of those investments. Then, you don't have to list each one separately on your taxes.

There are three types of gains: capital gains (ex. when you sell a share of stock at a higher price than what you paid), dividends (some companies pay you money just for owning their stock), and regular income. Interest from a bank, money market accound, CD, etc. is all classified as regular income. I don't know what kind of bond you sold, but if you just got your original investment back along with the accrued interest, I am 99% sure that is just classified as regular income.[/quote]

I went to H&R Block and they told me I had to fill out schedule D so I guess it is a capital gain

Schedule D is for capital gains.
 
There are different 1099 forms.

There is a 1099-INT. You would get one from your bank for example if you have an account that made interest.

There is a 1099-DIV. You would get one of these for dividend income.

I've never seen a 1099 for capital gains.
 
[quote name='JimmieMac']I owed them 600 beans and I just sent it in this morning. Cocksuckers.[/quote]

Actually you paid a lot more than 600. You just under-withheld 600.

So you were @n@lly raped.

CTL
 
What type of statement did you get?

When you mark down the amount, make sure you only put the gain. You don't want to pay taxes on the whole thing. If you bought a bond for $1000 cashed it for $1100. Your gain is obviously just $100.
 
what if it was given to me

my other question is if I file an extension does that also mean my state taxes get an extension?

I would much prefer to just go to someone this weekend an do my taxes as opposed to doing them online because it has become overly fustrating for something that should be fairly easy
 
If somebody bought it in your name, then for my example before, your gain should still be $100. I don't know what exactly happens if you transferred the names.

I don't know what happens when you file an extension.
 
[quote name='hulk409']What form has the bond information on it?[/quote]

1099 B has it under the stocks and bonds catagory.

The other form I got with it is 1099 OID with the TOTAL ORIGINAL ISSUE DISCOUNT
 
Sorry, I can't help you. Looks like the 1099-b does go on schedule D. So your actual bond must have went up in value... not just the interest from it. I don't know enough about this to tell you exactly what to do.
 
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