How to Report Form 1099-B Proceeds
IRS Form 1099-B is an information return filed with the IRS at the end of each year. You will also provide a copy to the payer. Form 1099-B reports to the IRS the details of a brokered or bartered exchange transaction. The process for filing a Form 1099-B is fairly routine, but you must be sure to thoroughly and accurately fill out all information, and be sure to file the form on time.
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Things You'll Need
- Official IRS Form 1099-B
- Details of the relevant transaction
- Contact information of the payer
- IRS contact information
Instructions
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IRS Form 1099-B
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Gather all the relevant data. You will need to file a separate form 1099-B for each transaction that occurred during the tax year, so the first step is to gather all of the relevant information for each transaction.
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2
Get an official copy of the Form 1099-B. A link in the References section will take you to an online .pdf version of Form 1099-B, but this version is not an official form, so you cannot print it and file it. Instead, you must contact the IRS at 1-800-TAX-FORM, or use the link in the Resources section to request an official Form 1099-B.
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3
Fill out the Form 1099-B. This will feel like unnecessary copying and busy work, but you must be sure to be accurate and complete. The IRS relies on you to provide correct information, as does the payer.
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4
Send a copy to the recipient. The IRS imposes a mid-February deadline for this action. The exact deadline can change annually, so check the IRS website or call the IRS for accurate information on the deadline.
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File a copy with the IRS. Your location determines what IRS office you should file with. If you are not certain which IRS address to use, you should contact the IRS at 1-800-TAX-FORM or find the correct contact information online, using the link in the References section. Again, the deadline for filing can change annually, so check with the IRS for the current filing deadline.
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Tips & Warnings
Remember to use an official Form 1099-B. Also, it is best to maintain good records throughout the year so that you have all of the information available at year-end when you need to file the information returns. Keep good records of each transaction.
Carefully and completely fill out the official Form 1099-B. Don't leave any blanks. If you don't have all the information on hand, figure out how to get the information.
