Instructions for Forms

Department of the Treasury

Internal Revenue Service

1099-A and 1099-C

(Rev. January 2022)
Acquisition or Abandonment of Secured Property and Cancellation of Debt
Section references are to the Internal Revenue Code
unless otherwise noted. Specific Instructions for Form 1099-A
File Form 1099-A, Acquisition or Abandonment of
Future Developments Secured Property, for each borrower if you lend money in
For the latest information about developments related to connection with your trade or business and, in full or
Forms 1099-A and 1099-C and their instructions, such as partial satisfaction of the debt, you acquire an interest in
legislation enacted after they were published, go to property that is security for the debt, or you have reason to
IRS.gov/Form1099A and IRS.gov/Form1099C. know that the property has been abandoned. You need
not be in the business of lending money to be subject to
What’s New this reporting requirement.
Continuous-use form and instructions. Form 1099-A,
Form 1099-C, and these instructions have been Coordination With Form 1099-C
converted from an annual revision to continuous use. Both If, in the same calendar year, you cancel a debt of $600 or
the form and instructions will be updated as needed. For more in connection with a foreclosure or abandonment of
the most recent versions, go to IRS.gov/Form1099A and secured property, it is not necessary to file both Form
IRS.gov/Form1099C. 1099-A and Form 1099-C, Cancellation of Debt, for the
same debtor. You may file Form 1099-C only. You will
Reminders meet your Form 1099-A filing requirement for the debtor
In addition to these specific instructions, you should also by completing boxes 4, 5, and 7 on Form 1099-C.
use the current General Instructions for Certain However, if you file both Forms 1099-A and 1099-C, do
Information Returns. Those general instructions include not complete boxes 4, 5, and 7 on Form 1099-C. See the
information about the following topics. Specific Instructions for Form 1099-C, later.
• Who must file.
• When and where to file. Property
• Electronic reporting. “Property” means any real property (such as a personal
• Corrected and void returns. residence), any intangible property, and tangible personal
• Statements to recipients. property except the following.
• Taxpayer identification numbers (TINs). • No reporting is required for tangible personal property
• Backup withholding. (such as a car) held only for personal use. However, you
• Penalties. must file Form 1099-A if the property is totally or partly
• Other general topics. held for use in a trade or business or for investment.
You can get the general instructions from General • No reporting is required if the property securing the loan
Instructions for Certain Information Returns at IRS.gov/ is located outside the United States and the borrower has
1099GeneralInstructions or go to IRS.gov/Form1099A or furnished the lender a statement, under penalties of
IRS.gov/Form1099C. perjury, that the borrower is an exempt foreign person
(unless the lender knows that the statement is false).
Online fillable Copies B and C. To ease statement
furnishing requirements, Copies B and C have been made Who Must File
fillable online in a PDF format available at IRS.gov/
Form1099A and IRS.gov/Form1099C. You can complete In addition to the general rule specified above, the
these copies online for furnishing statements to recipients following rules apply.
and for retaining in your own files. Multiple owners of a single loan. If there are multiple
Guidance for creditors regarding discharged student owners of undivided interests in a single loan, such as in
loans under section 6050P. Rev. Proc. 2020-11 pools, fixed investment trusts, or other similar
establishes a safe harbor extending relief under Rev. arrangements, the trustee, record owner, or person acting
Proc. 2015-57; Rev. Proc. 2017-24, 2017-7 I.R.B. 916; in a similar capacity must file Form 1099-A on behalf of all
and Rev. Proc. 2018-39. See Rev. Proc. 2020-11, the owners of beneficial interests or participations. In this
available at IRS.gov/irb/2020-06_IRB#REV- case, only one form for each borrower must be filed on
PROC-2020-11, to determine whether a creditor or behalf of all owners with respect to the loan. Similarly, for
taxpayer qualifies for relief. See Student loan bond issues, only the trustee or similar person is required
indebtedness under Exceptions, later. to report.

Nov 03, 2021 Cat. No. 27991U

Governmental unit. A governmental unit, or any of its truncated on any form. See part J in the current General
subsidiary agencies, that lends money secured by Instructions for Certain Information Returns.
property must file Form 1099-A.
Account Number
Subsequent holder. A subsequent holder of a loan is The account number is required if you have multiple
treated as a lender and is required to report events accounts for a borrower for whom you are filing more than
occurring after the loan is transferred to the new holder. one Form 1099-A. Additionally, the IRS encourages you
Multiple lenders. If more than one person lends money to designate an account number for all Forms 1099-A that
secured by property and one lender forecloses or you file. See part L in the current General Instructions for
otherwise acquires an interest in the property and the sale Certain Information Returns.
or other acquisition terminates, reduces, or otherwise
impairs the other lenders' security interests in the Box 1. Date of Lender's Acquisition or
property, the other lenders must file Form 1099-A for each Knowledge of Abandonment
of their loans. For an acquisition, enter the date you acquired the
For example, if a first trust holder forecloses on a secured property. An interest in the property is generally
building, and the second trust holder knows or has reason acquired on the earlier of the date title is transferred to the
to know of such foreclosure, the second trust holder must lender or the date possession and the burdens and
file Form 1099-A for the second trust even though no part benefits of ownership are transferred to the lender. If an
of the second trust was satisfied by the proceeds of the objection period is provided by law, use the date the
foreclosure sale. objection period expires. If you purchase the property at a
sale held to satisfy the debt, such as at a foreclosure or
When To File execution sale, use the later of the date of sale or the date
File Form 1099-A in the year following the calendar year in the borrower's right of redemption, if any, expires.
which you acquire an interest in the property or first know For an abandonment, enter the date you knew or had
or have reason to know that it has been abandoned. reason to know that the property was abandoned unless
you expect to commence a foreclosure, execution, or
Abandonment
similar action within 3 months, as explained earlier. If a
An abandonment occurs when the objective facts and third party purchases the property at a foreclosure,
circumstances indicate that the borrower intended to and execution, or similar sale, the property is treated as
has permanently discarded the property from use. You abandoned, and you have reason to know of its
have “reason to know” of an abandonment based on all abandonment on the date of sale.
the facts and circumstances concerning the status of the
property. You will be deemed to know all the information Box 2. Balance of Principal Outstanding
that would have been discovered through a reasonable Enter the balance of the debt outstanding at the time the
inquiry when, in the ordinary course of business, you interest in the property was acquired or on the date you
become aware or should become aware of circumstances first knew or had reason to know that the property was
indicating that the property has been abandoned. If you abandoned. Include only unpaid principal on the original
expect to commence a foreclosure, execution, or similar debt. Do not include accrued interest or foreclosure costs.
sale within 3 months of the date you had reason to know
that the property was abandoned, reporting is required as Box 3. Reserved for Future Use
of the date you acquire an interest in the property or a
third party purchases the property at such sale. If you Box 4. Fair Market Value (FMV) of Property
expect to but do not commence such action within 3 For a foreclosure, execution, or similar sale, enter the
months, the reporting requirement arises at the end of the FMV of the property. See Temporary Regulations section
3-month period. 1.6050J-1T, Q/A-32. Generally, the gross foreclosure bid
price is considered to be the FMV. If an abandonment or
Statements to Borrowers voluntary conveyance to the lender in lieu of foreclosure
If you are required to file Form 1099-A, you must provide a occurred and you placed an “X” in the checkbox in box 5,
statement to the borrower. Furnish a copy of Form 1099-A enter the appraised value of the property. Otherwise,
or an acceptable substitute statement to each borrower. make no entry in this box.
For more information about the requirement to furnish a
statement to the borrower, see part M in the current Box 5. Was Borrower Personally Liable for
General Instructions for Certain Information Returns. Repayment of the Debt
Truncating borrower's TIN on statements. Pursuant to If the borrower was personally liable for repayment of the
Regulations section 301.6109-4, all filers of Form 1099-A debt at the time the debt was created or, if modified, at the
may truncate a borrower's TIN (social security number time of the last modification, enter an “X” in the checkbox.
(SSN), individual taxpayer identification number (ITIN),
adoption taxpayer identification number (ATIN), or Box 6. Description of Property
employer identification number (EIN)) on payee Enter a general description of the property. For real
statements. Truncation is not allowed on any documents property, you must generally enter the address of the
the filer files with the IRS. A lender's TIN may not be property, or, if the address does not sufficiently identify
the property, enter the section, lot, and block.

-2- Instructions for Forms 1099-A and 1099-C (Rev. 01-2022)

 For personal property, enter the applicable type, make, 2. A credit union.
and model. For example, describe a car as “Car—2017 3. Any of the following, its successor, or subunit of one
Honda Accord.” Use a category such as “Office of the following.
Equipment” to describe more than one piece of personal
a. Federal Deposit Insurance Corporation.
property, such as six desks and seven computers. Enter
“CCC” for crops forfeited on Commodity Credit b. National Credit Union Administration.
Corporation loans. c. Any other federal executive agency, including
government corporations.
Specific Instructions for Form 1099-C d. Any military department.
The creditor's phone number must be provided in e. U.S. Postal Service.
! the creditor's information box. It should be a f. Postal Rate Commission.
CAUTION central number for all canceled debts at which a
4. A corporation that is a subsidiary of a financial
person may be reached who will ensure the debtor is institution or credit union, but only if, because of your
connected with the correct department. affiliation, you are subject to supervision and examination
by a federal or state regulatory agency.
Do not file Form 1099-C when fraudulent debt is
canceled due to identity theft. Form 1099-C is to 5. A federal government agency including:
!
CAUTION be used only for cancellations of debts for which a. A department,
the debtor actually incurred the underlying debt. b. An agency,
File Form 1099-C, Cancellation of Debt, for each c. A court or court administrative office, or
debtor for whom you canceled a debt owed to you of $600 d. An instrumentality in the judicial or legislative
or more if: branch of the government.
1. You are an entity described under Who Must File, 6. Any organization whose significant trade or
later; and business is the lending of money, such as a finance
2. An identifiable event has occurred. It does not company or credit card company (whether or not affiliated
matter whether the actual cancellation is on or before the with a financial institution). The lending of money is a
date of the identifiable event. See When Is a Debt significant trade or business if money is lent on a regular
Canceled, later. and continuing basis. Regulations section 1.6050P-2(b)
lists three safe harbors under which reporting may not be
Form 1099-C must be filed regardless of whether required for the current year. See Safe harbor rules next.
! the debtor is required to report the debt as
CAUTION income. Safe harbor rules. The three safe harbor rules in which
an entity will not be considered to have a significant trade
The debtor may be an individual, corporation,
or business of lending money are the following.
partnership, trust, estate, association, or company.
1. No prior year reporting required. An organization
Do not combine multiple cancellations of a debt to
will not have a significant trade or business of lending
determine whether you meet the $600 reporting
money for the current year if the organization was not
requirement unless the separate cancellations are under a
required to report in the prior year and if its gross income
plan to evade the Form 1099-C requirements.
from lending money in the most recent test year (see (3)
Coordination With Form 1099-A below) is less than both 15% of the organization's gross
income and $5 million.
If, in the same calendar year, you cancel a debt of $600 or
more in connection with a foreclosure or abandonment of 2. Prior year reporting requirement. An organization
secured property, it is not necessary to file both Form that had a prior year reporting requirement will not have a
1099-A, Acquisition or Abandonment of Secured significant trade or business of lending money for the
Property, and Form 1099-C for the same debtor. You may current year if, for each of the 3 most recent test years, its
file Form 1099-C only. You will meet your Form 1099-A gross income from lending money is less than both 10%
filing requirement for the debtor by completing boxes 4, 5, of the organization's gross income and $3 million.
and 7 on Form 1099-C. However, you may file both Forms 3. No test year. Newly formed organizations are
1099-A and 1099-C; if you do file both forms, do not considered not to have a significant trade or business of
complete boxes 4, 5, and 7 on Form 1099-C. See the lending money even if the organization lends money on a
Specific Instructions for Form 1099-A, earlier, and Box 4. regular and continuing basis. However, this safe harbor
Debt Description, Box 5. Check Here if the Debtor Was does not apply to an entity formed or availed of for the
Personally Liable for Repayment of the Debt, and Box 7. principal purpose of holding loans acquired or originated
Fair Market Value (FMV) of Property, later. by another entity. In this instance, the transferee entity
(including real estate mortgage investment conduits
Who Must File (REMICs) and pass-through securitized indebtedness
File Form 1099-C if you are any of the following. arrangements) may be required to report cancellation of
1. A financial institution described in section 581 or indebtedness on Form 1099-C. See Regulations section
591(a) (such as a domestic bank, trust company, building 1.6050P-1(e)(5).
and loan association, or savings and loan association).

Instructions for Forms 1099-A and 1099-C (Rev. 01-2022) -3-

Test year defined. A test year is a tax year of the occurs, you may choose to file Form 1099-C for the year
organization that ends before July 1 of the previous of cancellation. No further reporting is required even if a
calendar year. later identifiable event occurs with respect to an amount
previously reported. Also, you are not required to file an
For example, X, a calendar year taxpayer who has a
additional or corrected Form 1099-C if you receive
significant trade or business of lending money, is formed
payment on a prior year debt.
in year 1. X will not have a test year in year 1 or year 2.
However, for year 3, X's test year will be year 1. In year 3, When Is a Debt Canceled?
year 1 is the only year that ended before July 1 of the
A debt is deemed canceled on the date an identifiable
previous calendar year (in this example, year 2).
event occurs or, if earlier, the date of the actual discharge
Penalties. There are penalties for failure to file correct if you choose to file Form 1099-C for the year of
information returns by the due date and for failure to cancellation. An identifiable event is one of the following.
furnish correct payee statements. See part O in the 1. A discharge in bankruptcy under title 11 of the U.S.
current General Instructions for Certain Information Code. For information on certain discharges in bankruptcy
Returns for details. not required to be reported, see Exceptions, later. Enter
Exceptions. Until further guidance is issued, no “A” in box 6 to report this identifiable event.
penalty will apply for failure to file Form 1099-C, or provide
2. A cancellation or extinguishment making the debt
statements to debtors, for amounts:
unenforceable in a receivership, foreclosure, or similar
• Discharged in nonlending transactions, or federal nonbankruptcy or state court proceeding. Enter
• Forgiven under the terms of a debt obligation. “B” in box 6 to report this identifiable event.
Multiple creditors. If a debt is owned (or treated as 3. A cancellation or extinguishment when the statute
owned for federal income tax purposes) by more than one of limitations for collecting the debt expires, or when the
creditor, each creditor that is described under Who Must statutory period for filing a claim or beginning a deficiency
File, earlier, must issue a Form 1099-C if that creditor's judgment proceeding expires. Expiration of the statute of
part of the canceled debt is $600 or more. A creditor will limitations is an identifiable event only when a debtor's
be deemed to have met its filing requirements if a lead affirmative statute of limitations defense is upheld in a final
bank, fund administrator, or other designee of the creditor judgment or decision of a court and the appeal period has
complies on its behalf. The designee may file a single expired. Enter “C” in box 6 to report this identifiable event.
Form 1099-C reporting the aggregate canceled debt or
may file Form 1099-C for that creditor's part of the 4. A cancellation or extinguishment when the creditor
canceled debt. Use any reasonable method to determine elects foreclosure remedies that by law extinguish or bar
the amount of each creditor's part of the canceled debt. the creditor's right to collect the debt. This event applies to
a mortgage lender or holder who is barred by local law
Debt owned by a partnership is treated as owned by from pursuing debt collection after a “power of sale” in the
the partners and must follow the rules for multiple mortgage or deed of trust is exercised. Enter “D” in box 6
creditors. to report this identifiable event.
Pass-throughs and REMICs. Until further guidance is 5. A cancellation or extinguishment making the debt
issued, no penalty will apply for failure to file Form unenforceable under a probate or similar proceeding.
1099-C, or provide statements to debtors, for a canceled Enter “E” in box 6 to report this identifiable event.
debt held in a pass-through securitized debt arrangement 6. A discharge of indebtedness under an agreement
or held by a REMIC. However, see item 3 under Safe between the creditor and the debtor to cancel the debt at
harbor rules, earlier. less than full consideration (for example, short sales).
A pass-through securitized debt arrangement is any Enter “F” in box 6 to report this identifiable event.
arrangement in which one or more debts are pooled and 7. A discharge of indebtedness because of a decision
held for 20 or more persons whose interests in the debt or a defined policy of the creditor to discontinue collection
are undivided co-ownership interests that are freely activity and cancel the debt. A creditor's defined policy
transferable. Co-ownership interests that are actively can be in writing or an established business practice of
traded personal property (as defined in Regulations the creditor. A creditor's established practice to stop
section 1.1092(d)-1) are presumed to meet these collection activity and abandon a debt when a particular
requirements. nonpayment period expires is a defined policy. Enter “G”
Debt Defined in box 6 to report this identifiable event.
A debt is any amount owed to you, including stated 8. Other actual discharge before identifiable event.
principal, stated interest, fees, penalties, administrative Enter “H” in box 6 if there is an other actual discharge
costs, and fines. The amount of debt canceled may be all before one of the identifiable events listed above.
or only part of the total amount owed. However, for a
Exceptions
lending transaction, you are required to report only the
stated principal. See Exceptions, later. You are not required to report on Form 1099-C the
following.
When To File 1. Certain bankruptcies. You are not required to report
File Form 1099-C in the year following the calendar year a debt discharged in bankruptcy unless you know from
in which the identifiable event occurs. See Exceptions, information included in your books and records that the
later. If you cancel a debt before an identifiable event debt was incurred for business or investment purposes. If

-4- Instructions for Forms 1099-A and 1099-C (Rev. 01-2022)

you are required to report a business or investment debt 7. Guarantor or surety. You are not required to file
discharged in bankruptcy, report it for the later of: Form 1099-C for a guarantor or surety. A guarantor is not
a. The year in which the amount of discharged debt a debtor for purposes of filing Form 1099-C even if
can first be determined, or demand for payment is made to the guarantor.
b. The year in which the debt is discharged in 8. Seller financing. Organizations whose principal
bankruptcy. trade or business is the sale of nonfinancial goods or
nonfinancial services, and who extend credit to customers
A debt is incurred for business if it is incurred in in connection with the purchase of those nonfinancial
connection with the conduct of any trade or business goods and nonfinancial services, are not considered to
other than the trade or business of performing services as have a significant trade or business of lending money,
an employee. A debt is incurred for investment if it is with respect to the credit extended in connection with the
incurred to purchase property held for investment (as purchase of those goods or services, for reporting
defined in section 163(d)(5)). discharge of indebtedness on Form 1099-C. See
2. Interest. You are not required to report interest. Regulations section 1.6050P-2(c). But the reporting
However, if you choose to report interest as part of the applies if a separate financing subsidiary of the retailer
canceled debt in box 2, you must show the interest extends the credit to the retailer's customers.
separately in box 3. 9. Student loan indebtedness. For discharges
3. Nonprincipal amounts. Nonprincipal amounts occurring after December 31, 2017, you are not required
include penalties, fines, fees, and administrative costs. to file Form 1099-C for student loan indebtedness if the
For a lending transaction, you are not required to report discharge of the debt is due to the student's death or
any amount other than stated principal. A lending permanent and total disability.
transaction occurs when a lender loans money to, or Rev. Proc. 2020-11 establishes a safe harbor
makes advances on behalf of, a borrower (including extending the relief provided under Rev. Proc. 2015-57,
revolving credit and lines of credit). For a nonlending 2015-51 I.R.B. 863, Rev. Proc. 2017-24, 2017-7 I.R.B.
transaction, nonprincipal amounts are included in the 916, and Rev. Proc. 2018-39, 2018-34 I.R.B. 319, to
debt. However, until further guidance is issued, no additional taxpayers who took out federal or private
penalties will be imposed for failure to report these student loans to finance attendance at a nonprofit or
amounts in nonlending transactions. for-profit school. Relief is also extended to any creditor
4. Foreign debtors. Until further guidance is issued, no that is an applicable entity, as defined by section 6050P
penalty will apply if a financial institution does not file Form and the regulations thereunder, that would otherwise be
1099-C for a debt canceled by its foreign branch or required to file information returns and furnish payee
foreign office for a foreign debtor, provided all the statements pursuant to section 6050P for the discharge of
following apply. any indebtedness within the scope of this revenue
a. The financial institution is engaged in the active procedure. The IRS will not assert that a creditor that is an
conduct of a banking or similar business outside the applicable entity, as defined by section 6050P and the
United States. regulations thereunder, must file information returns and
furnish payee statements pursuant to section 6050P for
b. The branch or office is a permanent place of the discharge of any indebtedness within the scope of
business that is regularly maintained, occupied, and used these revenue procedures. See Rev. Proc. 2020-11 to
to carry on a banking or similar financial business. determine whether a creditor or taxpayer qualifies for
c. The business is conducted by at least one relief.
employee of the branch or office who is regularly in
attendance at the place of business during normal Multiple Debtors
working hours. For debts of $10,000 or more incurred after 1994 that
d. The indebtedness is extended outside the United involve debtors who are jointly and severally liable for the
States by the branch or office in connection with that trade debt, you must report the entire amount of the canceled
or business. debt on each debtor's Form 1099-C. Multiple debtors are
e. The financial institution does not know or have jointly and severally liable for a debt if there is no clear and
reason to know that the debtor is a U.S. person. convincing evidence to the contrary. If it can be shown
that joint and several liability does not exist, a Form
5. Related parties. Generally, a creditor is not required 1099-C is required for each debtor for whom you canceled
to file Form 1099-C for the deemed cancellation of a debt a debt of $600 or more.
that occurs when the creditor acquires the debt of a
related debtor, becomes related to the debtor, or transfers For debts incurred before 1995 and for debts of less
the debt to another creditor related to the debtor. than $10,000 incurred after 1994, you must file Form
However, if the transfer to a related party by the creditor 1099-C only for the primary (or first-named) debtor.
was for the purpose of avoiding the Form 1099-C
If you know or have reason to know that the multiple
requirements, Form 1099-C is required. See section
debtors were husband and wife who were living at the
108(e)(4).
same address when the debt was incurred, and you have
6. Release of a debtor. You are not required to file no information that these circumstances have changed,
Form 1099-C if you release one of the debtors on a debt you may file only one Form 1099-C.
as long as the remaining debtors are liable for the full
unpaid amount.

Instructions for Forms 1099-A and 1099-C (Rev. 01-2022) -5-

Recordkeeping debt before an identifiable event and you choose to report
If you are required to file Form 1099-C, you must retain a that cancellation, enter the date that you actually canceled
copy of that form or be able to reconstruct the data for at the debt.
least 4 years from the due date of the return.
Box 2. Amount of Debt Discharged
Requesting TINs Enter the amount of the canceled debt. See Debt Defined
You must make a reasonable effort to obtain the correct and Exceptions, earlier. The amount of the canceled debt
name and TIN of the person whose debt was canceled. cannot be greater than the total debt less any amount the
You may obtain the TIN when the debt is incurred. If you lender receives in satisfaction of the debt by means of a
do not obtain the TIN before the debt is canceled, you settlement agreement, foreclosure sale, a short sale that
must request the debtor's TIN. Your request must clearly partially satisfied the debt, etc.
notify the debtor that the IRS requires the debtor to furnish
Box 3. Interest if Included in Box 2
its TIN and that failure to furnish such TIN subjects the
debtor to a $50 penalty imposed by the IRS. You may use Enter any interest you included in the canceled debt in
Form W-9, Request for Taxpayer Identification Number box 2. You are not required to report interest in box 2. But
and Certification, to request the TIN. However, a debtor is if you do, you must also report it in box 3.
not required to certify his or her TIN under penalties of
perjury.
Box 4. Debt Description
Enter a description of the origin of the debt, such as
Statements to Debtors student loan, mortgage, or credit card expenditure. Be as
If you are required to file Form 1099-C, you must provide a specific as possible. If you are filing a combined Form
copy of Form 1099-C or an acceptable substitute 1099-C and 1099-A, include a description of the property.
statement to each debtor. In the current General
Instructions for Certain Information Returns, see:
Box 5. Check Here if the Debtor Was Personally
• Part M for more information about the requirement to Liable for Repayment of the Debt
furnish a statement to the debtor, and If the debtor was personally liable for repayment of the
• Part J for specific procedures to complete Form 1099-C debt at the time the debt was created or, if modified, at the
for debtors in bankruptcy. time of the last modification, enter an “X” in the checkbox.
Truncating debtor's TIN on payee statements. Box 6. Identifiable Event Code
Pursuant to Regulations section 301.6109-4, all filers of
Enter the appropriate code to report the nature of the
Form 1099-C may truncate a debtor's TIN (social security
identifiable event. For more information about the code to
number (SSN), individual taxpayer identification number
use when reporting each identifiable event, see When Is a
(ITIN), adoption taxpayer identification number (ATIN), or
Debt Canceled, earlier, and Regulations section
employer identification number (EIN)) on payee
1.6050P-1(b)(2). Also see Pub. 4681.
statements. Truncation is not allowed on any documents
the filer files with the IRS. A creditor's TIN may not be Box 7. Fair Market Value (FMV) of Property
truncated on any form. See part J in the current General
Instructions for Certain Information Returns. FMV should include the appraised value of the
TIP property if the property is sold in a short sale.
Account Number
The account number is required if you have multiple If you are filing a combined Form 1099-C and 1099-A for a
accounts for a debtor for whom you are filing more than foreclosure, execution, or similar sale, enter the FMV of
one Form 1099-C. Additionally, the IRS encourages you the property. Generally, the gross foreclosure bid price is
to designate an account number for all Forms 1099-C that considered to be the FMV. If an abandonment or voluntary
you file. See part L in the current General Instructions for conveyance to the lender in lieu of foreclosure occurred,
Certain Information Returns. enter the appraised value of the property.

Box 1. Date of Identifiable Event

Enter the date of the identifiable event. See When Is a
Debt Canceled, earlier. However, if you actually cancel a

-6- Instructions for Forms 1099-A and 1099-C (Rev. 01-2022)