Discussion:1099 Div with Box 8

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Discussion Forum Index --> Tax Questions --> 1099 Div with Box 8

Klesher (talk|edits) said:

2 March 2007
Have 1099 DIV from a reit with amount in Box 8 - cash liquidation distribution. Taxable? Probably need to know the basis in this? Great- elderly lady that will have no clue what she has here.

Deback (talk|edits) said:

March 2, 2007
Yes, it's treated as a sale or exchange and reported on Sch D. Wonder if the broker would know the cost basis?

Klesher (talk|edits) said:

2 March 2007
Thanks Deb - knew that was the answer. Doubt if I will get anything info on this one, but will try with a broker

HarryEA (talk|edits) said:

20 January 2008
I just got a return with the same thing, first time. I agree that this should go on Schedule D. Only question/problem I see.........Since it's reported on form 1099-DIV, will IRS computers want to see it on Schedule B?

TxSrv (talk|edits) said:

20 January 2008
"...will IRS computers want to see it on Schedule B?"

Maybe yes, maybe no. It's not the computers, but the people who program them. IRS doesn't have to match every 1099, especially ones which are rather uncommon and normally are to go on another schedule and will cause too high a no-change (and veiled complaint) rate.

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