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Returning Member
posted Mar 15, 2024 7:17:56 AM

how to report ordinary loss (not capital loss) on sale of a contingent debt instrument?

I bought a structural 7 years CD and was receiving OID for 7 years that was added to my income for each year. 

This CD has matured with no gain. My tax statement shows "ordinary loss" in supplemental information part. How should I report it in my Turbo tax premier?

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1 Replies
Expert Alumni
Mar 15, 2024 7:58:53 AM

Yes, you can declare an ordinary loss for the CD in the amount that is stated in supplemental information. To declare.

 

  1. Log into your account
  2. Select Wages and income>other income
  3. Miscellaneous Income, 1099-A, 1099>start
  4. Scroll to the bottom of the page to Other Reportable Income
  5. Other taxable income, answer yes
  6. Then give a brief description of the income and the amount listed. Here describe it as Ordinary loss from a matured CD and then list the amount with a minus sign in front.