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You should enter $0 as the amount of interest.
You don't report negative interest amounts and you can't take any type of credit or loss, for the decline in the value of a deposit account.
no. it's no different than if you owned a stock that bought in 2018 for $4000 and at the end of 2019 was worth $3000
So how should i report the negative interest? In past i have put the positive interest (this years balance in USD minus last years balance in USD) in Turbotax for say Bank X. Should i now report the negative interest value in that place? or should i be entering ZERO.
We don't pay taxes in stocks when the value changes. But we pay tax on interest accumulated in CD every single year. so i don't see how that is apples to apples.
You should enter $0 as the amount of interest.
You don't report negative interest amounts and you can't take any type of credit or loss, for the decline in the value of a deposit account.
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