1099 B

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1099 B

The tax statement used for reporting proceeds resulting from the sale, redemption or liquidation of shares.

1099 B

A form stating a taxpayer's capital gains and losses from security trades. A broker provides each client with a 1099 B form by January 31 each year; the client then uses this to report capital gains and losses from the sale of securities when filling out his/her 1040 to calculate his/her tax liability.
References in periodicals archive ?
Firms should prepare for workflow changes and a jump in client inquiries, especially when they receive the new Form 1099-Bs containing cost basis information on equities sold in 2011.
Proactively communicating with clients about the changes to the new Form 1099-B that went into effect this year
Even if advisors have already reached out to clients about changes to Form 1099-B, many clients will need a reminder as to why they are receiving cost basis information and what they are responsible for reporting on their tax return.