1099 B

(redirected from Forms 1099-B)

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 ?
If the taxpayer receives multiple Forms 1099-B, each broker's Form 1099-B totals should be entered on a separate line of Form 8949 to facilitate IRS matching.
Currently, matching is only done on Forms 1099-B, Proceeds from Broker and Barter Exchange Transactions, and 1099-S, Proceeds from Real Estate Transactions, but no matching is done for put-and-call stock option transactions conducted through a broker, because they are exempt from Form 1099-B reporting.
Although matching problems do not arise if gross proceeds reported on Form 1040 match the totals on Forms 1099-B and 1099-S, a compliance problem could still occur if basis is in error or transactions not reported on Forms 1099 are part of the totals.