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Form 1099-B

What is Form 1099-B?

Form 1099-B is used to report broker or barter exchanges to record customers’ profits and losses during a particular tax year. The filers will receive the form from their brokers or barter exchange already filled out. If the filer sold stocks, bonds, or other securities through a broker or had a barter exchange transaction, they must receive Form 1099-B. When the filer redeems any shares, it may result in a taxable gain or deductible loss, which must be reported to the IRS.

Regardless of whether the filler had a gain, loss, or brokage, they must report these transactions on their tax return. Late filing of the form leads to penalties ranging from $50 to $280 per 1099 form. Taxpayers transfer the information from a 1099-B to a Form 8949 to calculate their preliminary gains and losses. 1099-B forms must be mailed to recipients by February 15 and e-filed with the IRS by March 31 each year.

1099-B Form

1099-B Form