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 a 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.
Register for free to E-file Forms 1099-B, 1099-K, 1099-PATR, 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.