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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.

How to File IRS Form 1099-B?

Below is the filer's information required to file Form 1099-B,

Taxpayer's information
A description of each investment
The purchase date and price
The sale date and price
The resulting gain or loss

In preparing Form 1099-B or a transfer statement, the filer must take into account all the information reported by the issuer of the security on a statement that the issuer furnishes to them or is deemed to furnish to them, unless the issuer statement is incomplete or incorrect. A transaction can include both covered and non-covered shares because the redemption can be comprised of multiple purchases.

Tax2efile helps in filing your tax forms quickly and easily on time.

Who can uses Form 1099-B?

Form 1099-B must be filed for every single transaction involving the sale of all stocks, mutual funds, bonds, commodities, regulated contracts, debt instruments and forward contracts. Other information includes any federal tax withheld, gains or losses incurred, and state tax withholdings. This form can also be filed by companies that participate in certain bartering activities with others. For those, the form is used to report changes in capital structure or control of a corporation in which they hold stock.

Now that you know about the IRS 1099-B Form, you can work with a great tax advisor or preparer to get the most accurate tax reporting and get the most out of your return.

Form 1099-B deadline’s

Filing Type	Deadline (Due Date 2022)
Recipient copy	January 31, 2022
IRS Paper Filing	February 28, 2022
IRS Electronic Filing	March 31, 2022

Note: If the due date/deadline comes on a Saturday, Sunday, or public holidays, need to E-file on the next business day.

Now that you know about the 1099-B Form, you can work with a great tax advisor or preparer to get the most accurate tax reporting and get the most out of your return.

1099-B Form

Register for free to E-file Forms 1099-B, 1099-K, 1099-PATR, 1099-SB, 1099-H, 1099-S, 1099-G, 1099-SA, 1099-C, 1099-A, 1099-R, 1099-OID, 1099-DIV, 1099-INT, 1099-Q, 1099-LS, 1099-LTC, 1099-MISC, 1099-QA, 1099-CAP and 1099-NEC with Tax2efile or Call us at 703-229-0326 for assistance on filing your 1099 taxes online.