This form will be used for tax filling purposes by the Internal Revenue Service in the United States. The Form 1099-B is also known as a Proceeds from Broker and Barter Exchange Transactions form. It is used to report the proceeds from these types of transactions on the yearly tax return forms. This form is required in order to provide an accurate estimate of your yearly earnings and deductions.
The form will require information about the specific transaction. This includes the date of the sale or exchange, the date of the acquisition, the type of sale, and the quantity sold. The amount from each sale must be included, whether it is from stocks or bonds. Then more financial information will be needed, such as the tax withheld, profits and losses, bartering earnings, and more. This information will be used to determine tax withholdings or refunds.
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