GNMA return of principle being treated as Capital Asset Sales

kcbm · ‎March 17, 2026

TTax Premier has listed all 12 of the monthly GNMA "1d-Proceeds & 6-Reported (G)ross or (N)" shown on page 4 of my 1099 as "Capital Asset Sales" requiring me to enter the "Date Acquired" to calculate "Gain or (Loss)". As these monthly figures are classified as return of principle, they are neither capital gains nor losses and, to the best of my knowledge, have never had to be so listed before. Is this some sort of change in the tax law? Or could TTax be in error here?

JamesG1

Were the GNMA items reported on an IRS form 1099-B and uploaded from your provider? Please clarify.

If the items were reported on an IRS form 1099-B, the uploaded items should be reviewed for their accuracy.

If the items are removed the IRS form 1099-B total, the total will not equal the total reported to the IRS.

You may report a cost basis equal to the proceeds reporting $0 gain/loss. The total proceeds reported to the IRS will equal the total proceeds reported on your income tax return.

In either case, retain your worksheets of the transactions with your tax records should a tax authority have a question at a later time.

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kcbm

Thank you. Got earlier reply recommending cost basis = proceeds, which I did. As the GNMA is nearing exhaustion, tax impact would have been only $6, but it all counts.