We had an investment in 2012 for $15,000, went bad in 2017. Settlement statement showed $9000 return. However, over the years $7000 in 1099-Misc. Capital Loss/Gain?
We had an investment in 2012 for $15,000, went bad in 2017. Settlement statement showed $9000 return. However, over the years $7000 in 1099-Misc. Capital Loss/Gain?
Affectively, id a loan to an entity for $15,000 back in 2012, which paid interest of 10% a year (reported on 1099-MISC forms). Long story short, in 2017, got a settlement statement back
of $10000. So from one perspective, that is a $5000 loss, correct?
Do we have to account for the Interest? Lets say, we got back 4 * 1500 = $6000
in interests over the life of the investment. Would that be a $1000 capital gain, or is interest, not taken into account, with respect to principal of the loan/investment.
We had an investment in 2012 for $15,000, went bad in 2017. Settlement statement showed $9000 return. However, over the years $7000 in 1099-Misc. Capital Loss/Gain?
The 1099-Misc. Capital form is an RIS form, but you asked your question to the TurboTax Canada team. You can post questions to the US Support: https://ttlc.intuit.com/
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