When should I expect my 1099-B?

If you sell stocks, bonds, derivatives or other securities through a broker, you can expect to receive one or more copies of Form 1099-B in January. This form is used to report gains or losses from such transactions in the preceding year.

Do I have to file my 1099-B?

A separate Form 1099-B must be filed for whoever has sold (including short sales) stocks, commodities, regulated futures contracts, foreign currency contracts (pursuant to a forward contract or regulated futures contract), forward contracts, debt instruments, options, or securities futures contracts.

Which is first in, first out on Form 1099-B?

First in, first out, or FIFO. Assets acquired first are sold first. Last in, first out, or LIFO. Assets acquired last are sold first. Highest in, first out. Highest-cost shares are sold first. Low cost, first out. Lowest-cost shares are sold first. Loss/gain utilization.

When do I need to put cost basis on Form 1099?

The new cost basis information will be phased in over three years. This filing season, cost basis for some 2011 stock sales will be included on Form 1099-B. The reporting requirement expands to mutual funds with the 2012 tax year.

When do you need a Form 1099 for a foreclosure?

If you had a property foreclosed on or did a deed-in-lieu-of foreclosure, you should get a Form 1099-A by January 31st of the year following. If you don’t get one, call them. You may find that they refuse to talk to you unless you bring the note current. Or you might find that they think they don’t owe you a Form 1099-A.

When do you not need to file Form 1099-a?

If, in the same calendar year, you cancel a debt of $600 or more in connection with a foreclosure or abandonment of secured property, it is not necessary to file both Form 1099-A and Form 1099-C, Cancellation of Debt, for the same debtor. You may file Form 1099-C only.