Taxpayers should use Form 1099-OID, Original Issue Discount, to report any interest that is taxable OID. This type of interest is generally taxed as ordinary income. However, if a short-term discount obligation is redeemed at maturity, it should be filed with Form 1099-INT. Brokers and middl...
Box 1 - Original issue discount for the year:This is taxable interest you need to report on your tax return even though you didn't receive a payment for it. This flows through to the taxable interest line on your tax return. Box 2 - Other periodic interest:This is taxable interest you ...
Yeah, pretty much. Increased wealth doesn’t imply taxable income. I’m confident that the increased wealth figures Politico cited were mostly unrealized capital gains, which we don’t tax for a number of very good (if not ironclad) reasons. Infrastructure century Because the highways were gold...