Cambridge Massachusetts online Form 1099-B 2024-2025

Cambridge Massachusetts online Form 1099-B: What You Should Know

A Minibond Holders interest, dividend or capital gain from the sale of a Minibond or holding an interest on a Minibond is taxable only on the amount of any income or gain you receive during the year on the investment held as a Minibond rather than on the interest, dividend or capital gain from the sale, or from the holding. For more information please go to our FAQs.  I.E. You purchased the money to invest in a Minibond. Is that the correct answer? Answer 2: A. If you purchased a Minibond for 100,000, your investment gain or loss of that 100,000 would be taxable, and you also would owe taxes as well as penalties on the tax-exempt basis of the return, assuming the investment is eligible for the credit of up to 500,000 for qualified tuition and related expenses. The income that may be excluded from the income tax will probably include any interest or dividends received. No capital gains will result from the disposition of the Minibond, but there will be a gross interest income tax liability that will be added onto the return as a penalty. Question 3: A. A tax return is due by January 31 for 2019. If you received 1099-B to  report your income from the sale of your Minibond in 2019, you may file your tax return electronically, or you may mail your return to the address below. For more information please visit  Tax Forms | the City of Cambridge Question 4: A. If you are a student, attend the University of Cambridge, and you purchased a Minibond in 2019, you may have to file a tax return and answer questions on the tax form. All Minibonds purchased while enrolled at the University of Cambridge will be reported to the IRS under the name of the student who bought the Minibond. For more information please visit our FAQs.

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