IRS Form 1099-B, Proceeds From Broker and Barter Exchange Transactions

About IRS Form 1099-B

Form 1099-B is an information return that brokers and barter exchanges file to report proceeds from the sale of securities, commodities, and certain other property. It also reports transactions handled through barter exchanges.

The form shows details such as the description of the property, the date acquired, the date sold, the proceeds, and, when available, the cost basis and whether any gain or loss is short-term or long-term. Investors use this information to calculate capital gains and losses.

Taxpayers generally use the amounts from Form 1099-B to complete Form 8949 and Schedule D. Because basis reporting rules differ by security type and acquisition date, always reconcile the form with your own records.

Who needs to complete it

• Investors who sold stocks, bonds, mutual funds, or other securities during the year.
• People who participated in a barter exchange.
• Brokers and barter exchanges that must report customer transactions.
• Taxpayers calculating capital gains and losses for their return.

How to fill out IRS Form 1099-B

1. 1Enter the broker or barter exchange (payer) name and taxpayer identification number.
2. 2Enter the recipient's name, address, and taxpayer identification number.
3. 3Describe the property sold, including quantity where applicable.
4. 4Enter the date the property was acquired and the date it was sold or disposed of.
5. 5Report the proceeds from the sale and the cost or other basis if reported.
6. 6Indicate whether the transaction is short-term or long-term and whether basis was reported to the IRS.
7. 7Report any federal income tax withheld and any wash sale adjustments.
8. 8Follow the official line-by-line instructions to complete boxes accurately before filing.