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Department of the Treasury
Internal Revenue Service
2021

Instructions for Forms

1099-A and 1099-C

Acquisition or Abandonment of Secured Property and Cancellation of Debt

Section references are to the Internal Revenue Code partial satisfaction of the debt, you acquire an interest in
unless otherwise noted. property that is security for the debt, or you have reason to
know that the property has been abandoned. You need
Future Developments not be in the business of lending money to be subject to
For the latest information about developments related to this reporting requirement.
Forms 1099-A and 1099-C and their instructions, such as
legislation enacted after they were published, go to Coordination With Form 1099-C
IRS.gov/Form1099A and IRS.gov/Form1099C. If, in the same calendar year, you cancel a debt of $600 or
more in connection with a foreclosure or abandonment of
What’s New secured property, it is not necessary to file both Form
1099-A and Form 1099-C, Cancellation of Debt, for the
Form 1099-C same debtor. You may file Form 1099-C only. You will
Guidance for creditors regarding discharged student meet your Form 1099-A filing requirement for the debtor
loans under section 6050P. Rev. Proc. 2020-11 by completing boxes 4, 5, and 7 on Form 1099-C.
establishes a safe harbor extending relief under Rev. However, if you file both Forms 1099-A and 1099-C, do
Proc. 2015-57; Rev. Proc. 2017-24, 2017-7 I.R.B. 916; not complete boxes 4, 5, and 7 on Form 1099-C. See the
and Rev. Proc. 2018-39. See Rev. Proc. 2020-11, Specific Instructions for Form 1099-C, later.
available at IRS.gov/irb/2020-06_IRB#REV-
PROC-2020-11, to determine whether a creditor or Property
taxpayer qualifies for relief. See Student loan “Property” means any real property (such as a personal
indebtedness under Exceptions, later. residence), any intangible property, and tangible personal
property except the following.
Reminders
In addition to these specific instructions, you should also • No reporting is required for tangible personal property
use the 2021 General Instructions for Certain Information (such as a car) held only for personal use. However, you
Returns. Those general instructions include information must file Form 1099-A if the property is totally or partly
about the following topics. held for use in a trade or business or for investment.
• Who must file. • No reporting is required if the property securing the loan
• When and where to file. is located outside the United States and the borrower has
• Electronic reporting. furnished the lender a statement, under penalties of
• Corrected and void returns. perjury, that the borrower is an exempt foreign person
• Statements to recipients. (unless the lender knows that the statement is false).
• Taxpayer identification numbers (TINs).
Who Must File
• Backup withholding.
• Penalties. In addition to the general rule specified above, the
• Other general topics. following rules apply.
You can get the general instructions from General Multiple owners of a single loan. If there are multiple
Instructions for Certain Information Returns at IRS.gov/ owners of undivided interests in a single loan, such as in
1099GeneralInstructions or go to IRS.gov/Form1099A or pools, fixed investment trusts, or other similar
IRS.gov/Form1099C. arrangements, the trustee, record owner, or person acting
in a similar capacity must file Form 1099-A on behalf of all
Online fillable Copies B and C. To ease statement the owners of beneficial interests or participations. In this
furnishing requirements, Copies B and C have been made case, only one form for each borrower must be filed on
fillable online in a PDF format available at IRS.gov/ behalf of all owners with respect to the loan. Similarly, for
Form1099A and IRS.gov/Form1099C. You can complete bond issues, only the trustee or similar person is required
these copies online for furnishing statements to recipients to report.
and for retaining in your own files.
Governmental unit. A governmental unit, or any of its
subsidiary agencies, that lends money secured by
Specific Instructions for Form 1099-A property must file Form 1099-A.
File Form 1099-A, Acquisition or Abandonment of
Subsequent holder. A subsequent holder of a loan is
Secured Property, for each borrower if you lend money in
treated as a lender and is required to report events
connection with your trade or business and, in full or
occurring after the loan is transferred to the new holder.

Nov 04, 2020 Cat. No. 27991U

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Multiple lenders. If more than one person lends money you file. See part L in the 2021 General Instructions for
secured by property and one lender forecloses or Certain Information Returns.
otherwise acquires an interest in the property and the sale
or other acquisition terminates, reduces, or otherwise Box 1. Date of Lender's Acquisition or
impairs the other lenders' security interests in the Knowledge of Abandonment
property, the other lenders must file Form 1099-A for each For an acquisition, enter the date you acquired the
of their loans. secured property. An interest in the property is generally
For example, if a first trust holder forecloses on a acquired on the earlier of the date title is transferred to the
building, and the second trust holder knows or has reason lender or the date possession and the burdens and
to know of such foreclosure, the second trust holder must benefits of ownership are transferred to the lender. If an
file Form 1099-A for the second trust even though no part objection period is provided by law, use the date the
of the second trust was satisfied by the proceeds of the objection period expires. If you purchase the property at a
foreclosure sale. sale held to satisfy the debt, such as at a foreclosure or
execution sale, use the later of the date of sale or the date
When To File the borrower's right of redemption, if any, expires.
File Form 1099-A in the year following the calendar year in For an abandonment, enter the date you knew or had
which you acquire an interest in the property or first know reason to know that the property was abandoned unless
or have reason to know that it has been abandoned. you expect to commence a foreclosure, execution, or
similar action within 3 months, as explained earlier. If a
Abandonment third party purchases the property at a foreclosure,
An abandonment occurs when the objective facts and execution, or similar sale, the property is treated as
circumstances indicate that the borrower intended to and abandoned, and you have reason to know of its
has permanently discarded the property from use. You abandonment on the date of sale.
have “reason to know” of an abandonment based on all
the facts and circumstances concerning the status of the Box 2. Balance of Principal Outstanding
property. You will be deemed to know all the information Enter the balance of the debt outstanding at the time the
that would have been discovered through a reasonable interest in the property was acquired or on the date you
inquiry when, in the ordinary course of business, you first knew or had reason to know that the property was
become aware or should become aware of circumstances abandoned. Include only unpaid principal on the original
indicating that the property has been abandoned. If you debt. Do not include accrued interest or foreclosure costs.
expect to commence a foreclosure, execution, or similar
sale within 3 months of the date you had reason to know Box 3. Reserved for Future Use
that the property was abandoned, reporting is required as
of the date you acquire an interest in the property or a Box 4. Fair Market Value (FMV) of Property
third party purchases the property at such sale. If you For a foreclosure, execution, or similar sale, enter the
expect to but do not commence such action within 3 FMV of the property. See Temporary Regulations section
months, the reporting requirement arises at the end of the 1.6050J-1T, Q/A-32. Generally, the gross foreclosure bid
3-month period. price is considered to be the FMV. If an abandonment or
voluntary conveyance to the lender in lieu of foreclosure
Statements to Borrowers occurred and you placed an “X” in the checkbox in box 5,
If you are required to file Form 1099-A, you must provide a enter the appraised value of the property. Otherwise,
statement to the borrower. Furnish a copy of Form 1099-A make no entry in this box.
or an acceptable substitute statement to each borrower.
For more information about the requirement to furnish a Box 5. Was Borrower Personally Liable for
statement to the borrower, see part M in the 2021 General Repayment of the Debt
Instructions for Certain Information Returns. If the borrower was personally liable for repayment of the
Truncating borrower's TIN on statements. Pursuant to debt at the time the debt was created or, if modified, at the
Regulations section 301.6109-4, all filers of Form 1099-A time of the last modification, enter an “X” in the checkbox.
may truncate a borrower's TIN (social security number
(SSN), individual taxpayer identification number (ITIN), Box 6. Description of Property
adoption taxpayer identification number (ATIN), or Enter a general description of the property. For real
employer identification number (EIN)) on payee property, you must generally enter the address of the
statements. Truncation is not allowed on any documents property, or, if the address does not sufficiently identify
the filer files with the IRS. A lender's TIN may not be the property, enter the section, lot, and block.
truncated on any form. See part J in the 2021 General For personal property, enter the applicable type, make,
Instructions for Certain Information Returns. and model. For example, describe a car as “Car—2016
Account Number Honda Accord.” Use a category such as “Office
Equipment” to describe more than one piece of personal
The account number is required if you have multiple property, such as six desks and seven computers. Enter
accounts for a borrower for whom you are filing more than “CCC” for crops forfeited on Commodity Credit
one Form 1099-A. Additionally, the IRS encourages you Corporation loans.
to designate an account number for all Forms 1099-A that

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

Instructions for Forms 1099-A and 1099-C (2021) -3-

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Penalties. There are penalties for failure to file correct When Is a Debt Canceled
information returns by the due date and for failure to A debt is deemed canceled on the date an identifiable
furnish correct payee statements. See part O in the 2021 event occurs or, if earlier, the date of the actual discharge
General Instructions for Certain Information Returns for if you choose to file Form 1099-C for the year of
details. cancellation. An identifiable event is one of the following.
Exceptions. Until further guidance is issued, no 1. A discharge in bankruptcy under title 11 of the U.S.
penalty will apply for failure to file Form 1099-C, or provide Code. For information on certain discharges in bankruptcy
statements to debtors, for amounts: not required to be reported, see Exceptions, later. Enter
• Discharged in nonlending transactions, or “A” in box 6 to report this identifiable event.
• Forgiven under the terms of a debt obligation.
2. A cancellation or extinguishment making the debt
Multiple creditors. If a debt is owned (or treated as unenforceable in a receivership, foreclosure, or similar
owned for federal income tax purposes) by more than one federal nonbankruptcy or state court proceeding. Enter
creditor, each creditor that is described under Who Must “B” in box 6 to report this identifiable event.
File, earlier, must issue a Form 1099-C if that creditor's 3. A cancellation or extinguishment when the statute
part of the canceled debt is $600 or more. A creditor will of limitations for collecting the debt expires, or when the
be deemed to have met its filing requirements if a lead statutory period for filing a claim or beginning a deficiency
bank, fund administrator, or other designee of the creditor judgment proceeding expires. Expiration of the statute of
complies on its behalf. The designee may file a single limitations is an identifiable event only when a debtor's
Form 1099-C reporting the aggregate canceled debt or affirmative statute of limitations defense is upheld in a final
may file Form 1099-C for that creditor's part of the judgment or decision of a court and the appeal period has
canceled debt. Use any reasonable method to determine expired. Enter “C” in box 6 to report this identifiable event.
the amount of each creditor's part of the canceled debt.
4. A cancellation or extinguishment when the creditor
Debt owned by a partnership is treated as owned by elects foreclosure remedies that by law extinguish or bar
the partners and must follow the rules for multiple the creditor's right to collect the debt. This event applies to
creditors. a mortgage lender or holder who is barred by local law
Pass-throughs and REMICs. Until further guidance is from pursuing debt collection after a “power of sale” in the
issued, no penalty will apply for failure to file Form mortgage or deed of trust is exercised. Enter “D” in box 6
1099-C, or provide statements to debtors, for a canceled to report this identifiable event.
debt held in a pass-through securitized debt arrangement 5. A cancellation or extinguishment making the debt
or held by a REMIC. However, see item 3 under Safe unenforceable under a probate or similar proceeding.
harbor rules, earlier. Enter “E” in box 6 to report this identifiable event.
A pass-through securitized debt arrangement is any 6. A discharge of indebtedness under an agreement
arrangement in which one or more debts are pooled and between the creditor and the debtor to cancel the debt at
held for 20 or more persons whose interests in the debt less than full consideration (for example, short sales).
are undivided co-ownership interests that are freely Enter “F” in box 6 to report this identifiable event.
transferable. Co-ownership interests that are actively 7. A discharge of indebtedness because of a decision
traded personal property (as defined in Regulations or a defined policy of the creditor to discontinue collection
section 1.1092(d)-1) are presumed to meet these activity and cancel the debt. A creditor's defined policy
requirements. can be in writing or an established business practice of
Debt Defined the creditor. A creditor's established practice to stop
collection activity and abandon a debt when a particular
A debt is any amount owed to you, including stated nonpayment period expires is a defined policy. Enter “G”
principal, stated interest, fees, penalties, administrative in box 6 to report this identifiable event.
costs, and fines. The amount of debt canceled may be all
or only part of the total amount owed. However, for a 8. Other actual discharge before identifiable event.
lending transaction, you are required to report only the Enter “H” in box 6 if there is an other actual discharge
stated principal. See Exceptions, later. before one of the identifiable events listed above.

When To File Exceptions
File Form 1099-C in the year following the calendar year You are not required to report on Form 1099-C the
in which the identifiable event occurs. See Exceptions, following.
later. If you cancel a debt before an identifiable event 1. Certain bankruptcies. You are not required to report
occurs, you may choose to file Form 1099-C for the year a debt discharged in bankruptcy unless you know from
of cancellation. No further reporting is required even if a information included in your books and records that the
later identifiable event occurs with respect to an amount debt was incurred for business or investment purposes. If
previously reported. Also, you are not required to file an you are required to report a business or investment debt
additional or corrected Form 1099-C if you receive discharged in bankruptcy, report it for the later of:
payment on a prior year debt. a. The year in which the amount of discharged debt
can first be determined, or
b. The year in which the debt is discharged in
bankruptcy.

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

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Requesting TINs that cancellation, enter the date that you actually canceled
You must make a reasonable effort to obtain the correct the debt.
name and TIN of the person whose debt was canceled.
Box 2. Amount of Debt Discharged
You may obtain the TIN when the debt is incurred. If you
do not obtain the TIN before the debt is canceled, you Enter the amount of the canceled debt. See Debt Defined
must request the debtor's TIN. Your request must clearly and Exceptions, earlier. The amount of the canceled debt
notify the debtor that the IRS requires the debtor to furnish cannot be greater than the total debt less any amount the
its TIN and that failure to furnish such TIN subjects the lender receives in satisfaction of the debt by means of a
debtor to a $50 penalty imposed by the IRS. You may use settlement agreement, foreclosure sale, a short sale that
Form W-9, Request for Taxpayer Identification Number partially satisfied the debt, etc.
and Certification, to request the TIN. However, a debtor is
Box 3. Interest if Included in Box 2
not required to certify his or her TIN under penalties of
perjury. Enter any interest you included in the canceled debt in
box 2. You are not required to report interest in box 2. But
Statements to Debtors if you do, you must also report it in box 3.
If you are required to file Form 1099-C, you must provide a
Box 4. Debt Description
copy of Form 1099-C or an acceptable substitute
statement to each debtor. In the 2021 General Instructions Enter a description of the origin of the debt, such as
for Certain Information Returns, see: student loan, mortgage, or credit card expenditure. Be as
• Part M for more information about the requirement to specific as possible. If you are filing a combined Form
furnish a statement to the debtor, and 1099-C and 1099-A, include a description of the property.
• Part J for specific procedures to complete Form 1099-C
for debtors in bankruptcy. Box 5. Check Here if the Debtor Was Personally
Liable for Repayment of the Debt
Truncating debtor's TIN on payee statements.
If the debtor was personally liable for repayment of the
Pursuant to Regulations section 301.6109-4, all filers of
debt at the time the debt was created or, if modified, at the
Form 1099-C may truncate a debtor's TIN (social security
time of the last modification, enter an “X” in the checkbox.
number (SSN), individual taxpayer identification number
(ITIN), adoption taxpayer identification number (ATIN), or Box 6. Identifiable Event Code
employer identification number (EIN)) on payee
statements. Truncation is not allowed on any documents Enter the appropriate code to report the nature of the
the filer files with the IRS. A creditor's TIN may not be identifiable event. For more information about the code to
truncated on any form. See part J in the 2021 General use when reporting each identifiable event, see When Is a
Instructions for Certain Information Returns. Debt Canceled, earlier, and Regulations section
1.6050P-1(b)(2). Also see Pub. 4681.
Account Number
Box 7. Fair Market Value (FMV) of Property
The account number is required if you have multiple
accounts for a debtor for whom you are filing more than FMV should include the appraised value of the
one Form 1099-C. Additionally, the IRS encourages you TIP property if the property is sold in a short sale.
to designate an account number for all Forms 1099-C that
you file. See part L in the 2021 General Instructions for If you are filing a combined Form 1099-C and 1099-A for a
Certain Information Returns. foreclosure, execution, or similar sale, enter the FMV of
the property. Generally, the gross foreclosure bid price is
Box 1. Date of Identifiable Event considered to be the FMV. If an abandonment or voluntary
Enter the date of the identifiable event. See When Is a conveyance to the lender in lieu of foreclosure occurred,
Debt Canceled, earlier. However, if you actually cancel a enter the appraised value of the property.
debt before an identifiable event and you choose to report

-6- Instructions for Forms 1099-A and 1099-C (2021)

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