Tax Form 1099-B Broker Statement Explained || Tax Consequences of Pesky Gains & Losses

Описание: If you received a Form 1099-B from your broker either in the IRS format or another one, there is a lot of information on it that can be confusing. Each box provides different information. Some boxes are crucial to figuring out capital gains on equity sales, which directly impact your taxes.

Timecodes:
00:00 - Intro
00:46 - IRS instructions for tax form 1099-B
01:01 - Typical 1099-B broker statements.
01:34 - Account box on 1099-B.
02:42 - When is the tax form 1099-B issued?
05:06 - Security purchase, sale, proceeds, and costs on tax form 1099-B.
05:52 - Cost or tax basis of securities on 1099-B.
06:03 - Wash sale information on tax form 1099-B
07:11 - Historical cost basis information for securities
08:02 - Covered vs. non-converted securities on 1099-B.
09:15 - How long should you keep IRS records for a property?
09:57 - Net vs. gross proceeds on tax form 1099-B.

The 15 Most Common Tax Forms in 2022 (+Infographics) article:   / 15-most-common-tax-forms-in-2022  
Boost Your Tax IQ Book: shorturl.at/ijBU2
Form 1099-B box-by-box instructions: https://boostyourtaxiq.com/resources
Wash sale information on tax form 1099-B - see IRS Pub 550 pg 56: https://www.irs.gov/pub/irs-pdf/p550....
IRS instructions for 1099-B Broker Statement are at https://www.irs.gov/pub/irs-pdf/i1099...
Historical cost basis information for securities can be found on Yahoo Finance: https://finance.yahoo.com/quote or your broker's historical information that is available if you have an account.
How long should you keep IRS records for a property? See IRS at: https://www.irs.gov/businesses/small-...

——————————DISCLOSURE———————————
The information presented in this video is for informational and educational purposes only. It is not intended to render tax advice for any specific situation. Those needing assistance with a specific situation should consult with a qualified Tax Professional.

The information in this video is based on current tax law and IRS regulations as of date of publication and is subject to change.

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