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Category: 1099's

1099-B: Proceeds from Broker and Barter Transactions

Capital gains and losses occur when a taxpayer sells a capital asset such as stocks, bonds, or the sale of you main home.  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 going into the Federal Section >> Income >> Enter Myself >> Capital Gains and Losses >> Add/Edit Capital Gain/Loss Items and enter the 1099 B.

 

*At this time Taxslayer does not have the option to import your transactions into the program. If you have multiple transactions you will need to enter each one separately in the Taxslayer program. You may report multiple transactions as one transaction if they are from the same company and the transactions must all be either long term or short term. If they have these commonalities you may choose the latest dates and be sure to report the cost and sale price accurately. Please ensure too keep all records for the IRS regarding these transactions in case the IRS request these documents.

 

See the table listed below to determine how to report your 1099-B items in the program

 


 1099-B Line  Numbers

                                                                   How to report

 Box 1A


 Description of Property- A brief description of the item or service for which the amounts are being reported (Apple Stock, Shares of Google  stock)

 Box 1B


 Date Acquired- Date the item was purchased

 Box 1C

 
 Date Sold- Shows the date of sale or exchange

 Box 1D


 Sales Price- The cash proceeds reduced by any commissions or transfer taxes related to the sale

 Box 1E


 Cost- The cost or other basis in the securities (original price)

 Box 1G


 Adjustments- Amount of nondeductible loss in a wash sale transaction or the amount of accrued market discount.

 Box 3


 Cost Basis Type- If checked the cost in Box 1E has been reported.

 Box 4


 Federal Tax Withheld- shows backup withholding and must be reported in the program under other Federal withholdings. Federal
 Section>>Payments and Estimated>>Other Federal Withholdings.

 Box 16


 State Tax Withheld- Shows state withholdings and must be reported in the program under other state withholdings. Federal
 Section>>Payments

 

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.

 

 

 

Additional Links

 

Form 1099-B

 

Instructions for Form 1099-B