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What is Form 1099-B: Proceeds from Broker Transactions?

Updated for Revenue enhancement Year 2021 • January 21, 2022 05:01 PM

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OVERVIEW

If you lot sell stocks, bonds, derivatives or other securities through a banker, you tin expect to receive ane or more copies of Form 1099-B in Jan. This form is used to report gains or losses from such transactions in the preceding year. People who participate in formal bartering networks may get a re-create of the course, too.

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Information on the 1099-B

In well-nigh cases, a 1099-B class provides information near securities or belongings involved in a transaction handled by a broker.

This includes:

• A brief clarification of the item sold, such as "100 shares of XYZ Co"
• The date you bought or acquired information technology
• The date you lot sold information technology
• How much it cost you to larn it
• How much you received for it when you sold it
• Whether your banker withheld whatever federal tax

How Class 1099-B is used

The 1099-B helps you bargain with majuscule gains taxes. Usually, when you sell something for more than than it price you to acquire it, the profit is a capital letter gain, and information technology may be taxable. On the other manus, if you sell something for less than you lot paid for it, then you lot may have a capital loss, which you might be able to use to reduce your taxable capital gains or other income.

• You pay capital gains taxes with your income tax render, using Schedule D.
• The data from Form 1099-B helps yous fill out Schedule D and Grade 8949 if needed.

Short-term and long-term gains

Box 2 of the course tells whether the gain or loss involved is curt-term or long-term.

Generally,

• If you owned an asset, such equally stock, for a twelvemonth or less before selling it, whatever proceeds or loss from a sale is short-term.
• If you owned information technology for more than a year, you would normally accept a long-term proceeds.
• The stardom is extremely important, since revenue enhancement rates on long-term gains are by and large significantly lower than those on short-term gains.

Some brokerage companies event a "Blended 1099 Grade" that replaces multiple individual 1099 forms such as,

• 1099-B,
• 1099-INT, and
• 1099-DIV.

Sometimes, the individual sections of the composite forms practise not include all of the information that is available on a standard 1099 course, such equally the check boxes for brusque-term and long-term transactions on the standard 1099-B form. Instead, many of these blended forms only group the dissimilar types of transactions so that yous can readily tell which ones are brusque-term and long-term.

Barter exchanges

A secondary use of Grade 1099-B is to report barter exchange transactions. A barter exchange is a network of people or companies who concur to trade property or services with one another without accepting payment in currency.

Barter exchanges employ Box 13 of the form to report the fair market place value of all appurtenances and services received past an individual fellow member of the exchange over the course of a year. In full general, value received through a castling exchange is considered income and may exist taxable.

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The above article is intended to provide generalized financial data designed to brainwash a wide segment of the public; information technology does non give personalized taxation, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assist of a professional who knows your item state of affairs for advice on taxes, your investments, the law, or any other business and professional person matters that bear upon you and/or your business.

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