Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Income — Capital Gain or Loss

Proceeds from the Sale

Form 1099-B

Brokers report information about the sale of stock shares, including sales price, on Form 1099-B. If taxpayers have any Forms 1099-B with entries in boxes on Wash sales; Bartering: Profit or (loss) realized on closed contracts; Unrealized profit (loss) on open contracts – prior year; Unrealized profit or (loss) on open contracts – current year; or Aggregate profit (loss) on contracts, refer them to a professional tax preparer. These boxes provide information about transactions that are out of scope for the VITA/TCE programs.

Form 1099-B includes these boxes to report sales of securities:

  • Date of sale or exchange
  • Date of acquisition
  • Type of gain or loss (short-term or long-term)
  • Stocks, bonds, etc.
    • Sale price
    • Gross proceeds/gross proceeds less commissions and option premiums
  • Cost or other basis
  • Federal income tax withheld
  • Wash sale loss disallowed
  • Identify a noncovered security and if basis is reported to IRS
  • Description
Form 1099-B

Form 1099-B