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Category: 1099's

1099-B: Proceeds from Broker and Barter Transactions

If you received a Form 1099-B from a broker or barter transaction, this is generally reported on a Schedule D as a capital gain or loss. You can enter your 1099-B information in your TaxSlayer account by selecting:

From the Main Menu select: Federal Section > Income > Enter Myself > Capital Gains and Losses > Add/Edit Capital Gain/Loss Items and enter the 1099 B.

You may have received a "substitute 1099-B" from your Broker but the information asked for will be listed the same as if it were on a traditional 1099-B. You will enter the description of the asset, the sales date and price, and the purchase date and price. You may need to gather the purchase dates and prices from your Broker or the statements that you receive from them; however, beginning with the 2011 tax year the broker provided 1099-B will include the required cost basis data. This information will be reported to the taxpayer and the IRS. Taxpayers must verify the information reported by the broker, and adjust the reported information if necessary to reflect the correct information. This is the responsibility of the taxpayer when reporting the information on their return. This is the same for both covered and non-covered securities.

To add additional capital gains and losses after entering your initial item select "Save & Enter Another" or "Add a Capital Gain/Loss".

Total Losses are limited to a $3,000.00 ($1,500 for Married Filing Separately) Capital Loss per year. Any Carryover amount will be automatically calculated and reported on the Capital Loss worksheet.