Business, Legal & Accounting Glossary
Is a form that reports redemptions and exchanges to the Internal Revenue Service (IRS) from accounts other than money market and retirement. It also reports gross proceeds from sales of stocks, bonds, commodities, futures, and forward contracts.
Proceeds from Broker and Barter Exchange Transactions. This form is used for summarizing the proceeds of all stock transactions. It is sent to an individual taxpayer from a broker. When a stock is sold, the accompanying gain or loss must be reported to the IRS when the taxpayer files their annual tax return. This form should be provided to the taxpayer by the broker by January 31.
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This glossary post was last updated: 26th November, 2021 | 0 Views.