Which of the following pieces of information is the bank NOT required to report on Form 1099 for foreclosed and abandoned property?
Which of the following pieces of information is the bank NOT required to report on Form 1099 for foreclosed and abandoned property?
For Form 1099 pertaining to foreclosed and abandoned property, the IRS requires the bank to report the name, address, and TIN of the borrowers (A), a description of the property (B), and whether the borrower is personally liable for the debt (D). The original loan amount (C), however, is not a required piece of information for this form.
Which of the following pieces of information is the bank NOT required to report on Form 1099 for foreclosed and abandoned property? A. The name, address, and TIN of the borrowers B. A description of the property C. The original loan amount D. Whether the borrower is personally liable for the debt