Understanding the difference between IRS 1099-B and IRS 1099-INT

Last updated on Dec 8, 2025

What is IRS 1099-B?

The IRS Form 1099-B is used to report proceeds from broker and barter exchange transactions. It plays a crucial role in helping the IRS track capital gains and losses from the sale of stocks, bonds, and other securities. By documenting these transactions, individuals and businesses can accurately file their taxes and ensure compliance with IRS regulations.

1.

You may need IRS 1099-B if you sold stocks, bonds, or mutual funds.
2.

If you received proceeds from barter exchanges, you will require this form.
3.

The form is needed for tax reporting if your brokerage or barter organization provided it for transactions that occurred within the tax year.

Who needs to complete a IRS 1099-B?

Individuals and businesses that engage in the buying or selling of securities should be aware of their requirement to file Form 1099-B.

1.

Brokerages that execute trading transactions for clients.
2.

Financial institutions that handle clients' stock options.
3.

Taxpayers who have realized capital gains from investments during the year.
4.

Businesses that barter or exchange goods and/or services significantly could also need to report transactions using this form.

When is IRS 1099-B due?

The due date for IRS Form 1099-B is typically January 31 of the year following the tax year in which the transactions occurred. If you file electronically, the deadline extends to March 31. Be mindful of state deadlines as some states may have specific filing requirements for this form.

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What is IRS 1099-INT?

IRS Form 1099-INT is utilized to report interest income to the IRS. This form is essential for taxpayers who receive interest from various sources like banks, credit unions, and other financial institutions. The IRS requires these forms to track how much interest individuals earn, ensuring that they accurately report their income on their tax returns.

1.

You may need IRS 1099-INT if you earned more than $10 in interest during the year.
2.

If you received interest from a savings account, a bond, or other financial instruments, this form is applicable.
3.

This form is necessary if your business issued interest payments to individuals or other entities.

Who needs to complete a IRS 1099-INT?

Various entities may need to complete IRS Form 1099-INT to report interest payments they issue to recipients.

1.

Banks, credit unions, and any financial institution that pays interest on deposits.
2.

Businesses that pay interest on loans or bonds.
3.

Government agencies issuing interest payments.
4.

Organizations extending interest-bearing loans to individuals or other organizations.

When is IRS 1099-INT due?

Form 1099-INT must be issued by January 31, following the end of the tax year. Similar to Form 1099-B, if you e-file, the submission deadline is extended to March 31. Ensure you keep track of all relevant deadlines to avoid penalties.

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Key differences between IRS 1099-B and IRS 1099-INT

While both IRS 1099-B and IRS 1099-INT are forms used to report income to the IRS, they serve different purposes and apply to different types of earnings.

1.

Form 1099-B is used for reporting sales of securities and barter transactions, while Form 1099-INT is for reporting interest income.
2.

The 1099-B details transaction proceeds, including gains and losses, while the 1099-INT summarizes interest earned by the taxpayer.
3.

IRS 1099-B may require additional reporting of cost basis if applicable, whereas Form 1099-INT generally does not.
4.

The 1099-INT is applicable for interest payments typically made by banks, while 1099-B is necessary for stock or bond sales conducted through a broker.

Understanding potential penalties

Failure to properly file tax forms can result in penalties imposed by the IRS. These penalties are designed to encourage compliance and accuracy in tax reporting. To avoid penalties, taxpayers should ensure forms are filed accurately and on time.

If Forms 1099-B are not filed correctly or by the due date, the IRS can impose a range of penalties. For instance, late filing penalties can start at $50 per form if filed within 30 days after the due date and increase for later submissions. Additionally, if incorrect information is provided, the business could face penalties for failure to provide accurate returns.

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Author:

by Iryna Marchuk

Lead Writer/Blogs Manager at airSlate

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