Proceeds from Broker and Barter Exchange Transactions
Please note that 2013 1099-B forms will be mailed by February 18, 2014
The IRS expanded Form 1099-B to include new boxes in order to accommodate cost basis reporting on covered shares and uncovered shares. We are required to report cost basis on covered shares to the IRS. Covered shares are shares in your OppenheimerFunds account(s) purchased on or after January 1, 2012 and subsequently sold, except in the case of Oppenheimer SteelPath funds, where covered shares are shares purchased on or after January 1, 2011, due to those funds' C Corporation status.
The sale of covered shares and the sale of uncovered shares will be reported on a single 1099-B form for each account you hold with us, where applicable.
We have added explanatory comments in portions of the new 1099-B form for your convenience.
Why we send you this form:
When you redeem or exchange mutual fund shares, it may result in a taxable gain or a deductible loss, which must be reported on Form 1040, Schedule D, Capital Gains and Losses.
Also reported on this form are:
- Federal income tax withheld from your distributions. (See box 4.)
- Any excess contributions removed from your retirement account.
Not on this form:
Exchanges or redemptions from:
- Accounts held under a retirement plan. You should receive Form 1099-R for any redemptions from a retirement plan account.
- Accounts registered to a corporation or tax-exempt organization. Also see the Information on Dividend Received Deductions for Corporations.
Information that has been figured into your cost basis
- Dividends that include a return of capital (See Form 1099-DIV.)
- Contingent deferred sales charges (CDSCs, if any, are assessed when shares are redeemed). For funds with CDSCs, we calculate cost basis using "net" proceeds (redemption proceeds minus CDSCs) rather than "gross" proceeds
We cannot provide cost basis information in the following cases:
- If your account includes fund shares purchased before 1988
- If your shares are held in IRAs and other retirement accounts (tax-deferred retirement accounts are not subject to annual capital gains reporting requirements)
- If you purchased shares through a brokerage firm
Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.
Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008