Instructions for Form 1099 B 2021 IRS
Stock Analyst Information Series
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Department of the Treasury
Internal Revenue Service
Instructions for Form 1099-B
Proceeds From Broker and Barter Exchange Transactions
Section references are to the Internal Revenue Code unless otherwise noted.
For the latest information about developments related to Form 1099-B and its instructions, such as legislation enacted after they were published, go to IRS.gov/ Form1099B.
Qualified Opportunity Funds
A Qualified Opportunity Fund (QOF) is an investment vehicle organized as a corporation or a partnership for the purpose of investing in qualified opportunity zone property. See section 1400Z-2(d).
Reporting dispositions of QOF investments. Report all dispositions of interests in the QOF regardless of the identity of the person who disposed of it. For example, if the person is a corporation, you should still file a Form 1099-B. A disposition includes any disposition of the investment (whether or not the disposition is for consideration), including by gift or inheritance.
In addition to these specific instructions, you should also use the 2021 General Instructions for Certain Information Returns. Those general instructions include information about the following topics.
Report each disposition on a separate Form 1099-B, regardless of how many dispositions any one person has made in the calendar year. The reporting Exceptions under Brokers, and the reporting Exceptions under Barter Exchanges, later, do not apply to dispositions of interests in a QOF. If you are a QOF that is not a broker or barter exchange and do not know that a broker or barter exchange reported a disposition of an interest in the QOF, then complete the following on the form in the manner instructed for the respective items and boxes.
• Who must file.
• When and where to file.
• Electronic reporting.
• Corrected and void returns.
• Statements to recipients.
• Taxpayer identification numbers (TINs).
• Backup withholding.
• The definitions of terms applicable for chapter 4 purposes that are referenced in these instructions. • Other general topics.
• Box 1a. For interests in the QOF, enter the appropriate descriptions. For example, for stock, enter the number of shares or units; for partnerships, enter the percentage of investment.
You can get the general instructions from General Instructions for Certain Information Returns at IRS.gov/ 1099GeneralInstructions or go to IRS.gov/Form1099B.
Online fillable copies. To ease statement furnishing requirements, Copies B, C, 1, and 2 are fillable online in a PDF format available at IRS.gov/Form1099B. You can complete these copies online for furnishing statements to recipients and for retaining in your own files.
• Box 1b. Enter the acquisition date of any interest in the QOF, if known.
• Box 1c. Enter the date of disposition of any interest in the QOF.
A broker or barter exchange must file Form 1099-B for each person:
• For whom the broker 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, securities futures contracts, etc., for cash;
QOFs must furnish a statement to the person who disposed of the interest in the QOF investment. For additional information on furnishing statements, see part M in the 2021 General Instructions for Certain Information Returns.
If you are a broker or barter exchange, including a QOF that is a broker or barter exchange, complete Form 1099-B as usual for all dispositions of interests in QOFs. Follow the specific instructions for brokers or barter exchanges (for example, the reporting of basis for a QOF investment that is a covered security). Complete all boxes as appropriate, depending on the nature of the interest disposed. For example, if the QOF investment is stock, you must complete box 1e to report cost or other basis. Also, you must check the QOF box in box 3 for all dispositions of QOF investments.
A broker is any person who, in the ordinary course of a trade or business, stands ready to effect sales to be made
• Who received cash, stock, or other 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, Information Return for Acquisition of Control or Substantial Change in Capital Structure; or
• Who exchanged property or services through a barter exchange.
Nov 24, 2020 Cat. No. 64171A
• Box 1d. Enter the gross cash proceeds from the disposition of any interest in the QOF, if known.
• Box 3. Check the “QOF” box for reporting the disposition of an interest in the QOF.
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