What is a Form 1099-B?

Modified on Wed, 24 Jan 2024 at 04:49 AM

A Form 1099-B is for proceeds from broker and barter exchange transactions. It is possible that you may receive a consolidated 1099 form from your bank. A consolidated Form 1099 may combine up to five separate 1099 forms (1099-B, 1099-DIV, 1099-INT, 1099-MISC, and 1099-OID) into one tax reporting document and will show your reportable income and transactions for the tax year from the issuer.

 

Per the IRS, a 1099-B can include the following:

  • Sales where the broker and barter exchange sold stocks, commodities, regulated futures contracts, foreign currency contracts, forward contracts, debt instruments, options, securities futures contracts, etc., for cash.

  • Sales where the individual received cash, stock, or other property from a corporation that the broker knows or has reason to know has had its stock acquired in an acquisition of control.

  • Where an individual exchanged property or services through a barter exchange.

 

Additional Resources:

 

This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.

 

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