Customer's brokerage 1099 shows one of his holdings to be an individual tax exempt bond. (Double tax exempt in my state).
On the bottom of the form, amounts are shown for "Original issue discount" and "Acquisition premium noncovered".
As I understand, the OID is treated as tax exempt interest but how does one handle the acquisition premium shown.
Thanks for comments.
On the bottom of the form, amounts are shown for "Original issue discount" and "Acquisition premium noncovered".
As I understand, the OID is treated as tax exempt interest but how does one handle the acquisition premium shown.
Thanks for comments.
Comment