January 1 could be interesting thanks to congress.

[BobC]

Originally Posted by Brian Van Horn

Question for Exhibitman (Adam) and Bob C.

Is there still any argument/grounds for reporting under 1099-B?

Hey Brian, not sure what the exact question is you are asking. What do you mean by "Is there still any argument/grounds for reporting under 1099-B?"

A 1099-B is used to report your broker and barter transactions to the IRS. Typically, the most common use for these is when you sell some stocks you own in a personal investment account, not in a 401K, IRA, Roth, or other specialized retirement type account. These reporting requirements are still there and in place, and every investment firm you work with that handles stocks and investments for you is required to send these 1099-B forms to the IRS, and you, to show the gross amount you received from the sale of your stocks/investments every year. You typically then report these on Schedule D of your personal income tax return, along with related forms 8749, and also have to report and deduct your basis (what you originally bought the stock for), along with any additional costs of sales, from the gross proceeds you received from selling that stock in determining your net taxable capital gain (or loss) from their sale.

https://www.irs.gov/pub/irs-pdf/f1099b.pdf

https://www.irs.gov/pub/irs-pdf/f1040sd.pdf

https://www.form8949.com/form-8949.html

https://www.irs.gov/instructions/i1099b

By the way, the 1099-B form is for reporting broker and BARTER transactions. As I've said on the forum before, technically, when you do a card trade with someone, that is a barter transaction, and you are technically supposed to report and pay taxes on any relevant net income or net gain you may have realized from the trade. Now the actual requirement to file a 1099-B form falls on the Barter Exchange through which the parties to the barter transaction operated and handled the exchange through. So, you and someone you make a card trade with don't personally have any obligation or need to worry about preparing and sending in 1099-B form to the IRS. But just so everyone knows, you are supposed to be treating such trades as possibly taxable sales transactions. A Barter Exchange is a formal group/organization that keeps track of trading activity between members and has actual accounts they keep for them. Similar to how an investment firm keeps an account for their clients and tracks their stock and other investment activity for them.

And before anyone wonders if Net54 could ever be considered a Barter Exchange, because it does act as a platform and help to facilitate trades amongst it's members, rest assured that is not the case. There is no fee paid to join and use Net54, nor does Net54 track and keep records of member's trading activities and account for them and the values of the items they are trading.

Not sure if this covered what your original question might have been. If not, can you be a little more specific on what you are asking about or for? Thanks, hope this helps.

[Brian Van Horn]

Originally Posted by BobC

Hey Brian, not sure what the exact question is you are asking. What do you mean by "Is there still any argument/grounds for reporting under 1099-B?"

A 1099-B is used to report your broker and barter transactions to the IRS. Typically, the most common use for these is when you sell some stocks you own in a personal investment account, not in a 401K, IRA, Roth, or other specialized retirement type account. These reporting requirements are still there and in place, and every investment firm you work with that handles stocks and investments for you is required to send these 1099-B forms to the IRS, and you, to show the gross amount you received from the sale of your stocks/investments every year. You typically then report these on Schedule D of your personal income tax return, along with related forms 8749, and also have to report and deduct your basis (what you originally bought the stock for), along with any additional costs of sales, from the gross proceeds you received from selling that stock in determining your net taxable capital gain (or loss) from their sale.

https://www.irs.gov/pub/irs-pdf/f1099b.pdf

https://www.irs.gov/pub/irs-pdf/f1040sd.pdf

https://www.form8949.com/form-8949.html

https://www.irs.gov/instructions/i1099b

By the way, the 1099-B form is for reporting broker and BARTER transactions. As I've said on the forum before, technically, when you do a card trade with someone, that is a barter transaction, and you are technically supposed to report and pay taxes on any relevant net income or net gain you may have realized from the trade. Now the actual requirement to file a 1099-B form falls on the Barter Exchange through which the parties to the barter transaction operated and handled the exchange through. So, you and someone you make a card trade with don't personally have any obligation or need to worry about preparing and sending in 1099-B form to the IRS. But just so everyone knows, you are supposed to be treating such trades as possibly taxable sales transactions. A Barter Exchange is a formal group/organization that keeps track of trading activity between members and has actual accounts they keep for them. Similar to how an investment firm keeps an account for their clients and tracks their stock and other investment activity for them.

And before anyone wonders if Net54 could ever be considered a Barter Exchange, because it does act as a platform and help to facilitate trades amongst it's members, rest assured that is not the case. There is no fee paid to join and use Net54, nor does Net54 track and keep records of member's trading activities and account for them and the values of the items they are trading.

Not sure if this covered what your original question might have been. If not, can you be a little more specific on what you are asking about or for? Thanks, hope this helps.

I am not an accountant. That position was held by my late father. That said, at until April of this year you could report collectibles under 1099-B.

[BobC]

Originally Posted by Brian Van Horn

I am not an accountant. That position was held by my late father. That said, at until April of this year you could report collectibles under 1099-B.

Ah, back in post #41 I included a link to the IRS instructions for Form 1099-B, and another link to a copy of the 1099-B Form itself. Both are for the 2023 forms that will cover 2022 activity. Mentions that in Box 3 on the 1099-B form that is a spot you can check to indicate if the form is reporting proceeds from the sale of a collectible. So it looks like the ability to use the 1099-B form to report the proceeds of a collectible's sale by a Broker, on behalf of their client, is still available for all of 2022.

[Brian Van Horn]

Originally Posted by BobC

Ah, back in post #41 I included a link to the IRS instructions for Form 1099-B, and another link to a copy of the 1099-B Form itself. Both are for the 2023 forms that will cover 2022 activity. Mentions that in Box 3 on the 1099-B form that is a spot you can check to indicate if the form is reporting proceeds from the sale of a collectible. So it looks like the ability to use the 1099-B form to report the proceeds of a collectible's sale by a Broker, on behalf of their client, is still available for all of 2022.

Not a broker here.

[ullmandds]

lets hear it for BOB C! Any time of DAY...or NIGHT...he's there for all of our CPA related questions/needs. Geez Bob...get some sleep!!!!!