The 1099-B form, also known as the Proceeds from Broker and Barter Exchange Transactions form, is used to report certain types of payments. Brokers and barter exchanges should distribute forms for each transaction in which they sold stocks, options, forward contracts, regulated futures contracts, foreign currency contracts, securities futures contracts, debt instruments, or commodities for cash.
If your business filed 1099 B form 2018, they likely distributed dozens or hundreds of copies. You need a software tool that can keep up with your tax filing needs. This is exactly what the solutions from AMS can provide.
What You Should Know About 1099 B
The 1099 B form 2018 also reports on capital gains taxes. The capital gains tax modifies the profit gained when an individual or corporation sells a non-inventory asset, or investment. If you brokered the sale of an investment for more money than the seller spent on the original investment, that profit may be taxable. The 1099-B form also includes changes in capital as reported on Form 8806, the Information Return for Acquisition of Control or Substantial Change in Capital Structure form. Box 2 of the 1099-B form denotes if gains, or losses, were short-term or long-term. The IRS distinguishes between the two based on whether the owner kept the asset for shorter or longer than one year.
Another use of the 1099-B form applies to those who participate in formal bartering networks. If you brokered a transaction that used a barter exchange to exchange property or services, or trading property or services without the use of payment via currency, then those transactions would fall under Box 13 of the 1099-B form.
Specifically, this form will ask for several pieces of information. This includes a description of the item sold, the date this item was bought or acquired by the owner, the date this item was sold by the owner, what this item cost the owner to acquire it, how much the owner received when the item was sold, and whether or not the broker withheld federal tax.
How to Find Forms from 2018
If you need to report a transaction from 2018 using the 1099-B form, the first step is gaining access to the correct version. As with any tax document, the 1099-B form undergoes revisions from time to time, so make sure you can access the form specific to the year the transaction took place. In this case, the IRS provides access to the 1099 B form 2018.
All revisions, including ones referencing 1099 b form 2018, can be found here.
A Software Tool Can Help
Brokerage and barter exchange professionals will benefit from an organizational tool for a 1099 B form request, as this particular form often necessitates software support. The 1099-B form can prove difficult to navigate even for those who use it with great frequency. Additionally, the 1099-B form is linked to other tax documents. The 1099 B form 2018 will help you fill out Schedule D (Form 1040) 2018. Schedule D allows you to pay capital gains taxes with income tax return. 1099 B form 2018 might also be used for Form 8949 from 2018. Tax and wage filing obligations can pile up especially when forms from years past need to be accessed, organized, and distributed.
A user-friendly tool can make the process smoother, especially when working with forms for an older transaction. The W-2/1099 Forms Filer from Advanced Micro Solutions can make the process of filing a 1099-B form from a 2018 transaction faster and easier. This filer can also help with W-2, W-3, and other 1099 forms.