The IRS recently released its 2024 Form 1099-B. The 1099-B is for the reporting of proceeds from broker and broker exchange transactions to the IRS. Brokers or barter exchanges must file Form 1099-B for a variety of transactions including sale of stocks and commodities, receipt of stock or property from a corporation that the broker knows or has reason to know has had its stock acquired in an acquisition of control or had a substantial change in capital structure reportable on Form 8806, or who exchanged property or services through a barter exchange.
Following the trend of other form updates for 2024, the IRS has added a notice about the 10-form threshold for electronic filing. As of 2024, if filing 10 or more Forms 1099-B, the filer is required to file electronically with the IRS. None of the changes this year are substantive in nature, and changes to the form itself are minimal, including updating the year to 2024 in all applicable fields on the form and adding the acronym FMV for “fair market value” for box 1d and box 13 Instructions for Recipient.
For more information about Form 1099-B and links to the current version and instructions, click here.
