Amount Realized -Form 1099-B
This is the amount you receive when you sell an asset. Your broker or mutual fund company will send you a Form 1099-B or a substitute statement. The document will list the sales price of mutual fund and stock shares you sold during the year. By law, your broker or mutual fund company must send you a 1099-B by Feb. 15, 2020.
The amount shown on the 1099-B is the total amount you enter on your return for that particular sale. The IRS checks to see if the amount you reported is the same as what your broker or mutual fund company reported.
Most 1099-Bs report the net sales price. This is the gross amount minus commissions and other expenses. Your broker or mutual fund company will tell you on the form if the amount reported is the gross sales price or the net sales price. The gross sales price includes commissions and other expenses.
If your 1099-B reports the gross sales price, you should:
- Enter the amount on the form.
- Adjust the mutual fund’s cost by adding to it the sales commissions or expenses you paid.
Learn more about the different types of 1099 tax forms with the experts at H&R Block. Find out if you will receive 1099 forms from employers or investment companies.
The IRS is preparing to issue a levy against Alaska Permanent Fund Dividends owed to you. Learn more about IRS notice CP77 from the tax experts at H&R Block.
How do you report an exception if you made an IRA withdrawal for education costs? Learn more and get tax answers at H&R Block.
Need copies of your old Forms W-2 or 1099? Learn about the four different ways to obtain IRS wage and income transcripts from the tax experts at H&R Block.