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Level 3
March 29, 2022
Question

1099-B REDEMPTION ORDINARY GAIN

  • March 29, 2022
  • 2 replies
  • 13 views

My client has a 1099-B with a redemption of a stock where it is showing an Ordinary Gain.  Where and how do I report this so that it is not treated as a capital gain?  I've gone over all the worksheets and forms but I can't seem to figure out how to get this treated as an ordinary gain.  Thanks.

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2 replies

Intuit Community Champion
March 29, 2022

Is this a short term capital gain?  Then it is taxed as ordinary income.

lferontiAuthor
Level 3
March 30, 2022

It is a long term stock but on the 1099-B it is labeled at Ordinary Gain.  That's why I'm confused.  The date purchased is way beyond one year ago. I am not sure how to deal with this.  There is also Interest Shortfall on contingent payment debt related to this stock.  

Just-Lisa-Now-
Intuit Community Champion
March 29, 2022
Is that the line labeled 897 gain?
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