IRS Form 1099-B
Instructions for 2023 Tax Year

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Line by line Form 1099-B Instructions

Updated on October 16, 2023 - 10:30 AM by Admin, TaxBandits

The 1099-B is a part of the 1099 Form Series. This series of IRS tax forms is used to report a variety of different non-payroll payments. When it comes to the Form 1099-B, there are specific filing requirements. Keep reading for a thorough overview of the Form 1099-B instructions.

The following topics are covered in this article:

1. What is the purpose of IRS Form 1099-B?

According to the IRS, a broker or barter exchange must file Form 1099-B for individuals that they have made a sale of stocks, commodities, regulated futures contracts, foreign currency contracts (pursuant to a forward contract or regulated futures contract), forward contracts, debt instruments, options, and securities futures contracts.They are also required to file a IRS Form 1099-B for individuals that received cash, stock, or other property from a corporation that the broker knows.

2. Form 1099-B Instructions - A complete breakdown

1099-B Tax Form has 13 boxes. Here is an overview of the information that must be entered in
each one.

  • In Box 1a, enter a description of the property. If the property being reported is a stock, the issuer's name should be entered and the number of units that were exchanged.
  • In Box 1b enter the date of acquisition. You can leave this box blank if there were several different dates or if you check Box 5 for noncovered securities.
  • In Box 1c, enter the date of the sale or exchange.
  • In Box 1d, enter the gross cash proceeds.
  • In Box 1e, Enter the cost or other basis of the securities sold unless the security is not a covered security and you are going to check box 5.
  • In Box 1f enter any accrued market discount.
  • In Box 1g, Enter the Nondeductible wash sale loss.
  • In Box 2, check the appropriate box to indicate whether this was a short term gain or loss, long time gain or loss, or ordinary.
  • In Box 3, check the box to indicate if the proceeds are from the transaction involving collectibles or Qualified Opportunity Funds (QOF).
  • In Box 4, enter any federal income tax withheld.
  • Check Box 5 to indicate if the securities sold were noncovered securities.
  • Check the box in Box 6 to indicate whether you are reporting gross proceeds or
    net proceeds.
  • Check the appropriate box in Box 7 to indicate if the loss is not allowed based on
    amount in 1d.
  • Box 8 is used to report any profit or (loss) realized in 2023 on closed contracts.
  • In Box 9, enter any unrealized profit or (loss) on open contracts through 12/31/2022.
  • In Box 10, enter any Unrealized profit or (loss) on open contracts through 12/31/2023.
  • In Box 11, enter any aggregate profit or (loss) on contracts.
  • Check Box 12 if there was a basis reported to the IRS.
  • Enter the gross amounts received by a member or client of a barter exchange in
    Box 13

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3. When is the deadline to file Form 1099-B for 2023 tax year?

There are three deadlines for Form 1099-B, these include:

Recipient copy Paper filing E-filing
February 15, 2024 February 28, 2024 April 1, 2024

4. How to File Form 1099-B electronically with TaxBandits?

With TaxBandits, e-filing Form 1099-B is simple and secure, just follow the steps below to
get started:

  • Create an account with TaxBandits.
  • Select or add the business you are filing for.
  • Enter the required Form 1099-B details.
  • Review and transmit Form 1099-B to the IRS.

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