Form 1099-B is used when reporting proceeds from barter and broker exchanges, the IRS mandates that you file a 1099-B.
Who Must File Form 1099-B?
The 1099-B (Broker and Barter) should be filed if you have sold stocks, bonds, mutual funds, or other securities. You may have to file more than one as each sale or exchange requires a different 1099-B.
What Information is Included in 1099-B?
- How much you paid
- If you had a gain or a loss and, if so, how much
- Tax identification number (TIN)
- If the transaction had to do with shares, how many were involved?
- The Federal Identification Number of your firm
Due Dates for Form 1099-B
- Recipient Copy-February 15th
- IRS eFile-March 31st
- IRS Paper Filing-February 28th
If any of these falls on a holiday the due date will move to the next day.