A broker or barter exchange must file Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, for each person:
- For whom the broker has sold (including short sales) stocks, bonds, commodities, regulated futures contracts, foreign currency contracts (pursuant to a forward contract or regulated futures contract), forward contracts, debt instruments, options, securities futures contracts, etc., for cash,
- Who received cash, stock, or other property from a corporation that the broker knows or has reason to know has had its stock acquired in an acquisition of control or had a substantial change in capital structure reportable on Form 8806 Information Return for Acquisition of Control or Substantial Change in Capital Structure, or
- Who exchanged property or services through a barter exchange.
To enter capital gains and losses on Form 1099-B in the TaxAct® program (and then reported on Form 8949 Sales and Other Dispositions of Capital Assets and Schedule D (Form 1040) Capital Gains and Losses):
- From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
- Click Investment Income in the Federal Quick Q&A Topics menu to expand, click Gain or loss on the sale of investments to expand, then click Capital gain or loss (Form 1099-B).
- Click + Add Form 1099-B to create a new copy of the form or click Edit to review a form already created.
- Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
- On the screen titled Investment Sales - Transaction Details, enter the property Description, Date acquired, and Date sold or exchanged, then click Continue.
- On the screen titled Investment Sales - Reporting Category, make the appropriate selection from the Form 8949 category drop-down, then click Continue.
- On the screen titled Investment Sales - Transaction Details, enter the Cost or other basis (total amount - Not a price per share) and the Sales proceeds (total amount - Not a price per share) amounts, then click Continue.
If you sold stocks, funds, or similar property that was acquired through several different purchases, you may report the sale on one line and enter "VARIOUS" as the date acquired. If the sale included both short-term and long-term gains or losses, you would need to enter the sale on separate Forms 1099-B.
Note. The 1099-B that you received may or may not report the Date Acquired or the Cost Basis. This information is generally maintained by you and is needed to complete the proper reporting of the transactions.
You may wish to refer to IRS Publication 550 Investment Income and Expenses for additional information.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.