Form 1099-B is usually filed by the broker or barter exchange to report proceeds made from broker or barter exchange transactions. This form lists the gain or loss of all transactions made through the brokers for whom they sold stocks, bonds, commodities, mutual funds, securities, future contracts, etc.
Form 1099-B also includes the details of investment which includes information about the description of the property, date acquired, date sold, and its associated gain or loss along with federal tax withheld, if any (made by the broker).
The business that participates in the barter exchange with another commercial entity also required to file Form 1099-B to report changes in capital structure or acquisition of control. A copy of the form must be sent to the respective individuals who sell stocks or are involved in barter exchange.
Note: You must report each transaction on individual 1099-B Form. Brokers who use substitute statements might be able to report Form 1099-B (for any stock sale), Form 1099-INT (if any interest is earned) and Form 1099-DIV (if any foreign taxes paid) on a single substitute statement.
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TaxBandits makes filing Form 1099-B easy when you have the required reporting information readily available.
While filing your 1099-B return with our software, you also have the option to postal mail copies to your recipients. Simply select the postal mail option and we will take care of the rest!
Depending upon your state requirements, sometimes you need to file the 1099-B Form with the state department as well. If your state is a part of the Combined Federal/State Filing program, the IRS will forward your returns directly to your state free of charge.
Note: Some states mandate direct filing of 1099-Forms with the state agency. Check with the filing requirements of your state and file your 1099 forms on time.
Need more time to prepare your 1099-B return? Get an automatic 30-day extension of time to file your 1099-B Form by filing tax extension Form 8809. It takes just a few minutes to file. Learn More
If your Form 1099-B is rejected or you notice an error on an already filed 1099-B Form, you'll need to correct it as soon as possible. Corrections can be made electronically or on paper. If the error is part of the transferor's data, a corrected copy of Form 1099-B will need to be sent to them as well. Learn More
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