AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants.
Visit my website at www.johnstancilcpa.com.
Also visit my blog, www.thetaxdocspot.com.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.
Education/Credentials DBA University of Memphis
MBA University of Georgia
BS in Accounting Mars Hill College
Question Because of the new GNMA regulations regarding Forms 1099-B and 1099-INT, I'm confused as to whether or not I have to report the income in box 2 of Form 1099-B. This is a repayment of my initial investment. Am I really being double taxed on this? In the past I've only had to report my interest income from each GNMA, so I completely confused.
Answer Jean,
Thanks for your question.
Form 1099-B merely shows the proceeds from the sale/redemption of the security. Report this amount on Schedule D, along with your cost basis in the security. The difference is your gain or loss. If you held it to redemption, the amounts should be equal.
