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|Subject: how do I deal with this accrued interest in tax?||Date: 2/28/2014 6:55 PM|
|Author: blacktreechaser||Number: 35212 of 35400|
Since cost basis is being reported to IRS on a 1099-B for bonds I sold, and I don't agree with the cost basis, I'm wondering what to do. It's going to be an $86 difference in reportable income.
I bought bonds in 2012. I paid $4935.95 for the bonds and commissions, and $86.84 in accrued interest, for a total of $5,022.79.
I sold the bonds in 2013. The 1099-B from the broker says cost basis is only $4935.95.
In the 2012 tax statement I got from the broker, there is a section in the back called Accrued Interest Paid on Purchases. In it is the $86.84 I paid when I bought the bonds.
So, what do I do with this number for 2013 taxes? Can I just add it to the cost basis, or subtract it from what I report from the 1099-INT? Is it something I should have put on my 2012 taxes?
Did the broker screw up?
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