Learn More About Form 1099-B
What is a 1099-B?
Form 1099-B is used to report proceeds from broker and barter exchange transactions.
Why do I file 1099-B?
The IRS requires that all income and deductible expenses are reported by businesses and individuals or penalties could apply.
Who needs to file 1099-B?
A broker or barter exchange must file Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, for each person:
- For whom the broker has sold (including short sales) stocks, commodities, regulated futures contracts, foreign currency contracts (pursuant to a forward contract or regulated futures contract), forward contracts, debt instruments, options, securities futures contracts, etc., for cash.
- Who received cash, stock, or other property from a corporation that the broker knows or has reason to know has had its stock acquired in an acquisition of control or had a substantial change in capital structure reportable on Form 8806.
- Who exchanged property or services through a barter exchange. See the official IRS instructions.
When do I file 1099-B?
1099-B forms are required to be mailed to the recipient by January 31, 2017 and e-filed with the IRS by March 31, 2017.
1099-B Reporting Information
|What to report||Amount to report|
|Sales or redemptions of securities, futures transactions, commodities, and barter exchange transactions.||All Amounts|