Q:

What is a 1099-B used for?

A:

Quick Answer

According to Investopedia, tax form 1099-B is used by brokers to summarize all of their stock transactions in one place. Each stock transaction is accompanied by a loss or gain and is reported to the IRS.

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Full Answer

Investopedia says that all brokers are required by law to provide the IRS with a copy of their 1099-B forms by January 31. Many of the specific figures that a broker fills out on a 1099-B are used on form 1040, Schedule D. According to the IRS official website, a person is a broker if they are an obligor that often issues and retires its own debt obligations, or if the person is a corporation that redeems its own stock.

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