Form 1099-B is used by brokerage firms to report stock and/or barter exchanges made by a taxpayer. The form is sent to the taxpayer and the IRS to report the proceeds from the transaction(s). Form 1099-B will show transactions like the sales of stocks, bonds or other property.
The form should list facts about the sale such as the date the sale took place and the amount of money that you received. Generally, the form has the cost basis and date purchased. On Form 1099-B, some brokerage firms may break down the transactions by short- or long-term holdings and whether the cost basis was reported to the IRS.
Where to enter Form 1099-B?
To enter Form 1099-B in the program, go to:
- Federal Section
- Income - Select My Forms
- Capital Gain and Losses Schedule D
To view a sample Form 1099-B, click here.