Investors & landlords

Hi Victor,

although I have looked at my 1099-forms many times, I actually look again after your suggestion.

Unfortunately, I thought about the QOF factor but the forms I received were only the 1099-B & 1099-MISC.

I will try to paste the 1099-MISC here although it may not appear legibly.

"MISCELLANEOUS INCOME 2019 1099-MISC* OMB No. 1545-0115
2- Royalties 0.00
3- Other income $XX.XX
4- Federal income tax withheld 0.00
8- Substitute payments in lieu of dividends or interest 0.00"

So you see, that I was issued a 1099-MISC, all I need to know is what is the source of this income?

My broker replied that I need to seek a tax professional's advice, okay fine but can't they explain where the funds are from i.e. Short or Long Term Capital Gains or dividends or QOF?

The broker's statement as a boiler plate statement that there can be funds that are neither Short or Long Term Capital Gains or dividends but all brokers' should be more detailed?

I did not have long term gains so that's not an issue.

My only concern is I do not want to be categorized as a self-employed Schedule C when I'm strictly a W-2 wage earner.

Turbo Tax software is forcing the "Other Income from box 3 to be recognized as a Schedule C business

Thank you for your time and consideration,

Tito