Solved: Form 1099-B small amount
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Sydd7
New Member

Form 1099-B small amount

I received, for the first time ever, a 1099-B form.

 

The info is as follows:

SOLD:1C - 0701/2020

PURCHASED: 1B - 11/23/2015

PROCEEDS: 1D - 33.63

COST BASIS: 1E - 4.78

GIN/ LOSS: 28.65

 

Do I need to file these? The only reason I ask is because it's literally the only 1099-B I got and it's such an insignificant amount.

1 Best answer

Accepted Solutions
HelenC12
Employee Tax Expert

Form 1099-B small amount

Yes, you have to claim the Form 1099-B on your income tax return no matter how small. 

 

If you're required to file an income tax return, generally, any amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable.

You may be able to use the IRS Free File Program.

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1 Reply
HelenC12
Employee Tax Expert

Form 1099-B small amount

Yes, you have to claim the Form 1099-B on your income tax return no matter how small. 

 

If you're required to file an income tax return, generally, any amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable.

You may be able to use the IRS Free File Program.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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