How to report?

[ajuroff]

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:

[indyscott]

Ought to be a Sch D sale of capital asset. Do you have basis dates & investment?

[ajuroff]

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!

[kcjenkins]

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'.

[ajuroff]

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