Breaking Down IRS Form 1099-OID

Get your own 1099-OID here: https://eforms.com/irs/form-1099/oid/

IRS Form 1099-OID is a tax form used to report the difference between a financial instrument’s value and its acquisition price. If a bond, for example, was purchased at a discount but can be redeemed at maturity for its full value, then the government taxes the difference as interest income. Brokers typically send Form 1099-OID to investors, who use its information to complete their annual tax returns.

In this video we cover:

What an IRS 1099-OID is
Who uses IRS 1099-OID
Deadlines for filing
1099-OID vs.1099-B
How to file
And more

DISCLAIMER:
This video is strictly for educational purposes and is in no way intended to provide legal advice. We do not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information on this video is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of our videos.

#taxtips #taxreporting #taxforms #1099oid #eforms

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0:00 Intro
0:33 What is form 1099-OID?
1:00 Common uses of form 1099-OID
1:14 Who uses form 1099-OID?
1:34 Filing deadlines
1:50 Instructions for filers
2:13 1099-B vs. 1099-OID
2:35 How to report 1099-OID on form 1040
2:54 What are the penalties for not filing?
3:04 - Conclusion and where to get the form