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genmin51
Returning Member

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 Reply
DaveF1006
Expert Alumni

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

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.
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