1099 Forms > W-2 & 1099 Fact Center > Form Definitions > Form 1099-B

Form 1099-B - Proceeds from Broker and Barter Exchange Transactions

What's New for 2010?

The Treasury Department and IRS expect to propose new rules requiring brokers to report sales of securities opened on or after January 1, 2010, for the year the short sale is closed. This change is part of the expected proposed regulations regarding reporting by brokers of adjusted basis and holding period for securities beginning in January 2011. Thus, brokers would not report a short sale opened in 2010 for calendar year 2010 as the current rules required if the short sale remains open on January 1, 2011. If a short sale is opened in 2010, remains open on January 1, 2011, and is closed in 2011, the proposed rule requires the broker to report the short sale for calendar year 2011 and typically to report both the gross proceeds and basis information for the short sale. For more information about the proposed regulations, go to www.regulations.gov and enter the keyword REG-101896-09.

Notice 2009-93 allows filers of this form to truncate a recipient's identification number (social security number (SSN), individual taxpayer identification number (ITIN), or adoption taxpayer identification number (ATIN)) on paper payee statements for tax years 2009 and 2010. See part M in the 2010 General Instructions for Certain Information Returns.

What to Report on Form 1099-B

Sales or redemptions of securities, futures transactions, commodities, and barter exchange transactions.

Due Dates for Form 1099-B

To Internal Revenue Service

Paper: February 28

E-File: March 31

To State Agency

State Filing Deadlines

To Recipient

February 15

March 15 for reporting by trustees and middlemen of WHFITs.

* If date shown falls on a Saturday, Sunday or legal holiday, the due date is the next business day.

Where To File Form 1099-B - Federal - Paper

If your principal business, office or agency, or legal residence in the case of an individual, is located in:

Alabama, Arizona, Arkansas, Connecticut, Delaware, Florida, Georgia, Kentucky, Louisiana, Maine, Massachusetts, Mississippi, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Texas, Vermont, Virginia, West Virginia

Filing Address:

Department of the Treasury
Internal Revenue Service Center
Austin, TX 73301

If your principal business, office or agency, or legal residence in the case of an individual, is located in:

Alaska, California, Colorado, District of Columbia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Utah, Washington, Wisconsin, Wyoming

Filing Address:

Department of the Treasury
Internal Revenue Service Center
Kansas City, MO 64999

International: If your legal residence or principal place of business or principal office or agency is outside the United States, use the Austin, TX filing address.

Where To File Form 1099-B - Federal - E-file

WinFiler http://www.winfiler.com/

Federal Filing Requirements for Form 1099-B

Copy A - For Internal Revenue Service Center

Copy B - For Recipient

Copy C - For Payer or State Copy

Federal E-Filing Requirements for Form 1099-B

Any person, including a corporation, partnership, individual, estate, and trust, who is required to file 250 or more information returns must file such returns electronically. The 250 or more requirement applies separately for each type of return and separately to each type of corrected return. For example, if you must file 100 Forms 1099-B and 300 Forms 1099-INT, Forms 1099-B need not be filed electronically since they do not meet the threshold of 250. However, Forms 1099-INT must be filed electronically since they meet the threshold of 250.