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Investors & landlords
@djain 1) Don't change the coding on the 1099-B. Robinhood reported the cost, so the coding is right. Changing it will just confuse the IRS.
2) "Trader expenses" is not the same as investment interest expense (which is related to money borrowed to make trades). I'd suggest posting a separate question to ask how / where to get this on your taxes (I don't know the answer). None of the options look quite right, but if you use "I have another description" TT won't actually put the entry anywhere: you still have to find a spot to enter it.
3) 0 instead of blank on the K-1 form is fine. TT won't actually create a new 8949 since there's no cap gain/loss.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎April 11, 2022
7:53 AM