Solved: I paid accrued interest in 2018 on a bond, the interest income won't occur until 2019. How do I enter when the accured interest paid exceeds interest income ?
I paid accrued interest in 2018 on a bond, the interest income won't occur until 2019. How do I enter when the accured interest paid exceeds interest income ?
the situation will credit negative interest income.
On a state return if this is tax free income , it would show as negative interest income to be added back for tax free income- how does Turbo tax handle- I keep getting error message that income has to exceed expense
I paid accrued interest in 2018 on a bond, the interest income won't occur until 2019. How do I enter when the accured interest paid exceeds interest income ?
As noted before, the accrued interest you paid out to the seller of the bond (in this situation) is not to be entered in your tax return until you prepare your 2019 taxes in early 2020. SO you do not report it on your 2018 tax return
Answered here...as best I could, and more added on too.:
I paid accrued interest in 2018 on a bond, the interest income won't occur until 2019. How do I enter when the accured interest paid exceeds interest income ?
As noted before, the accrued interest you paid out to the seller of the bond (in this situation) is not to be entered in your tax return until you prepare your 2019 taxes in early 2020. SO you do not report it on your 2018 tax return
Answered here...as best I could, and more added on too.:
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