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Overview of 1099-B

File Your Form 1099-B In Matter of Minutes Using ExpressTaxFilings

Form 1099-B is used to report proceeds from broker and barter exchange transactions. These transactions are sales made by other parties in the ordinary course of a trade or business that are overseen by the broker reporting on Form 1099-B. When reporting to the IRS, brokers must limit transactions to one per
Form 1099-B.

Deadline For 1099-B

The IRS 1099-B Form is subject to the slightly different deadlines as other IRS 1099 Forms. Their deadlines are as follows:
1099-B Recipient copies

Recipient copies must be mailed out by

February 15th

1099-B Paper copies

Paper copies must be filed with the IRS by

February 28th

1099-B Electronic copies

Electronic copies must be e-filed with the IRS by

March 31st

Information Needed to File or E-file IRS Form 1099-B

The following data is needed to file or e-file IRS Form 1099-B. When you file a IRS 1099-B Form, you’ll need:
  • Payer info: (name, address, TIN, telephone number)
  • Recipient info: (name, address, TIN, account number)
  • Financial details of the sale:
  • Description of property
  • Relevant dates
  • Costs and proceeds
  • Federal/State income tax withheld (if any)
  • Realized or unrealized profits and losses
  • Bartering data (if applicable)
IRS Form 1099-B 2017

Steps to E-File Form 1099-B

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  • Sign into your ExpressTaxFilings account (or create one!)
  • Start a Form 1099-B return
  • Add payer details (Name, Address, Federal ID Number)
  • Add recipient details (Name, Address, ID Number)
  • Add transaction details (Description of Property, Relevant Dates, Proceeds, Costs, Tax Info, etc.)
  • Review your order and select whether you'd like your recipient forms mailed for you
  • Add credit card details for the one-time transmittal fee
  • E-file Form 1099-B with the IRS

Extensions For Form 1099-B

Is There An Extension To File Form 1099-B?

An extension for Form 1099-B can be received by filing Form 8809. Form 8809 offers a 30-day automatic extension and can be filed online with ExpressTaxFilings. Within few minutes, ExpressTaxFilings can have your 1099-B filing extension done.

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If you fail to file or e-file IRS Form 1099-B on time or don’t file at all, you could incur IRS penalties, determined by when you file. If you file
  • Within 30 days of the deadline, the fine is $50 per form;
  • After 30 days but before August 1, the fine is $100 per form;
  • After August 1 or not at all, the fine is $150 per form.

Filing with ExpressTaxFilings can help you prevent late filing and keep you from incurring IRS penalties for your IRS 1099-B Forms.


Can I Correct My Rejected Form 1099-B

If your Form 1099-B is rejected or you notice an error on an already filed 1099-B Form, you'll need to correct it as soon as possible. Corrections can be made electronically or on paper. If the error is part of the transferor's data, a corrected copy of Form 1099-B will need to be sent to them as well.

State Filings

Are State Filings Applicable For Form 1099-B

Depending on your state requirements file the Form 1099-B with the applicable state department. If the state is apart of the Combined Federal/State Filing, then the IRS will forward the original and corrected forms to the state free of charge.

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File 1099-B Form from your smartphone. It is easy and simple. You can apply for the online signature pin application on the go.

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Form 1099-B Resources

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