Instructions for IRS Form 1099-B Proceeds From Broker and Barter Exchange Transactions

IRS Form 1099-B Proceeds From Broker and Barter Exchange Transactions

This document contains official instructions for IRS Form 1099-B , Proceeds From Broker and Barter Exchange Transactions - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1099-B is available for download through this link.

FAQ

Q: What is IRS Form 1099-B?
A: IRS Form 1099-B is a tax form used to report proceeds from broker and barter exchange transactions.

Q: Who needs to file IRS Form 1099-B?
A: Brokers and barter exchanges need to file IRS Form 1099-B.

Q: When is IRS Form 1099-B due?
A: IRS Form 1099-B is generally due to be filed with the IRS by January 31st of the year following the transaction.

Q: What information is reported on IRS Form 1099-B?
A: IRS Form 1099-B reports the gross proceeds from the transactions, as well as the cost basis and any adjustments.

Q: What do I do if I receive an IRS Form 1099-B?
A: If you receive an IRS Form 1099-B, you should review it for accuracy and use it to complete your tax return.

Q: Are there any exceptions to filing IRS Form 1099-B?
A: There are certain exceptions to filing IRS Form 1099-B, such as transactions involving individuals or transactions with a small amount of gross proceeds.

Q: Can I file IRS Form 1099-B electronically?
A: Yes, brokers and barter exchanges can file IRS Form 1099-B electronically.