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1099 Oid Publication 1212 Form: What You Should Know
G., Virginia will also report sales taxes). You will need A report for the year you sold the bond. You must report all the following under Box 1. Date of sale. Amount paid for sale and principal consideration. The amount you paid on the bond. Any gains. A copy of the IRS Form 1099-OID that you received. If it contains sales tax and the proceeds of the sale are not more than your adjusted tax basis in the bond, you need: Box 15. Form 1099-OPI — Original Issue Penalty Interest (DID) If you received a Form 1099-OID with additional information, you will need to complete Form 1099-OID — Original Issue Penalty Interest. You must send Form 1099-OID — Original Issue Penalty Interest to the following address using a check or money order, payable to the IRS: The Internal Revenue Service Attn: Original Issue Discount Unit, P.O. Box 9800, Austin, TX 78. You should receive more than one Form 1099-OID for the year you held the bond. A Form 1099-OID is used to calculate your portion of any loss. The amount paid on the bond is not the same as the amount you would have charged had you had paid in the same amount at which the proceeds of sale were received. If you bought the bond with funds you raised in the stock market, you should receive a Form 1099-OID for the year the bonds become your property. About Publication 1212, Guide to Original Issue Discount — IRS Form 1099-OID is used by brokers, middlemen and owners to calculate the amount of DID interest to report. The tables are found on the IRS website. IRS Publication 1212: Guide to Original Issue Discount (DID Its primary purpose is to help brokers identify publicly offered original issue discount (DID) debt instruments they may hold as nominees Information for Owners of DID Debt Instruments Form 1098. You should receive a Form 1098 from the issuer when you collect the bond money, or when you sell or liquidate it. You may need to send a Form 1098 if you purchased a bond that becomes your property. Furthermore, you may also owe additional taxes and interest if: The purchase is not in a qualified sale. The purchaser is a foreign corporation or a nonresident alien individual.
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Instructions and Help about 1099 Oid Publication 1212
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