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No. of Recommendations: 4
E-trade is not nuts. E-trade is stuck between a rock and a hard place.

The IRS requires them to deliver a 1099 to their customers by Jan 31. But the IRS does not require REITs to deliver the information to their shareholders until something like Feb 28.

So E-trade is stuck. They have to report to you before they get the information from the REIT that they need to pass along to you. The only option open to them is to report information to you that they know to be incorrect and then amend that information at a later date.

You, unfortunately, are stuck at the bottom of the hill. That's where all the $h!t ends up.

Since the amounts appear to be marginally material to you, I'd just wait for E-trade to issue a corrected 1099. That should happen sometime later this month.

But if you're feeling especially energetic, you could check the REIT's web site and see if they have published information on the breakdown of their 2006 distributions. Using that information, you might be able to do your own calculation for your holdings in the REIT. I would just subtract out everthing related to the REIT in the 1099 you have received, then add in your own calculations of the REIT's activity. It will still be reported to you from E-Trade, so E-Trade would be the correct payor to report on your schedule B.

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