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Investors & landlords
Yes, that is correct. Both the 1099-B and the 1099-S are information returns actually filed by the brokers. You are entering specific information from your copy of these forms to populate a Schedule D for gains/losses on investment sales.
Since the 1099-S information is a subset of 1099-B information, the entry area/labels are the same (1099-B). When you select "Other Investment (1099-S)" some of the entries required for a 1099-B are eliminated based on a form 1099-S.
Neither of these forms are attached to your tax returns; only the required information from them for the Schedule D is used.
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‎January 24, 2024
8:22 AM