And just like a form 1099-MISC or 1099-DIV, those statements also need to be furnished to the payee.

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Those 1099s (typically, a 1099-Misc) would, of course, have to be sent to the Internal Revenue Service as well.

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However, if you go through a barter exchange, the transactions would be reported on a form 1099-B, not a form 1099-MISC, unless they meet certain exceptions.

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Those include forms 1099-B (for reporting of proceeds from brokers and barter exchanges), 1099-S (for reporting real estate sales) and the ever popular 1099- MISC (if amounts are reported in boxes 8 or 14).

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Form 1099-MISC reporting miscellaneous income like consulting fees.

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