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Form 1099-B

Form name:

Proceeds From Broker and Barter Exchange Transactions

IRC Section:

6045

Link to form:

https://www.irs.gov/pub/irs-pdf/f1099b.pdf

Purpose of form:

A U.S. payor uses this form when it is treated as a broker or is a barter exchange. The broker or barter exchange must file Form 1099-B for each person that:

  • The broker sold stocks (including short sales), 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;
  • 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 onĀ Form 8806; or
  • Exchanged property or services through a barter exchange.

Information reported on form

  • The name, address, taxpayer identification number and phone number of the payor,
  • The name, address and taxpayer identification number of the recipient,
  • A description of the property, including date acquired, date sold, proceeds, cost basis, tax withheld, accrued market discount, and wash sale loss disallowed,
  • Type of gain or loss (short-term, long-term, or ordinary)
  • Federal income tax withheld.
  • Whether the security is noncovered
  • Whether the proceeds are from Collectibles or QOF

Reporting threshold

All amounts.

Due date to recipient

February 15.

Due date to IRS (paper filing)

February 28.

Due date to IRS (Electronic Filing)

March 31.