06i – Form 1099-B – Proceeds from Broker and Barter Exchange Transactions:-

📘 Form 1099-B – Proceeds from Broker and Barter Exchange Transactions:-

🔹 What It Is
IRS form issued by brokers or barter exchanges to report sales and exchanges of capital assets. It helps you calculate capital gains or losses for your tax return.

🔹 When You Receive Form 1099-B
1.   Sale of Stocks, Bonds, or Mutual Funds – Through a brokerage account.
2.   Options or Commodity Transactions – Futures, contracts, etc.
3.   Barter Exchange Transactions – Goods/services traded via an exchange.
4.   Regulated Futures Contracts & Securities Futures – Reportable transactions.

🔹 Key Information on the Form
*Date of acquisition & sale
*Sales proceeds
*Cost basis (if known)
*Type of gain/loss (short-term or long-term)
*Federal tax withheld (if any)

📅 Deadlines
*Sent to taxpayers: By February 15
*Filed with IRS: By February 28 (paper) / March 31 (e-file)

💡 Example
👉 You bought stock for $5,000 and sold for $8,000 in 2024. Your broker will issue a 1099-B in Feb 2025, showing a $3,000 gain, which you must report on Schedule D & Form 8949.