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liguori5
Level 1
February 23, 2023
Question

Where do you report foreign currency realized gain from 1099 supp information?

  • February 23, 2023
  • 1 reply
  • 9 views
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1 reply

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
February 23, 2023

Personally, I run it through the 4797, but I know other people put it on what used to be Line 21. It's ordinary and subject to NIIT, so anything that gets that answer works.

If your client has gross Sec 988 losses unreduced by Sec 988 gains in excess of $50k, it's a reportable transaction.

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