1099 Reporting: Foreclosures, Repossessions & Debt Settlements
StreamedNov 18, 2021Duration90 minutes
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- Unlimited and shareable access
two business days after live streaming
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- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
Is it a foreclosure, repossession, or cancellation of debt?
Do you know the differences, IRS reporting requirements, and exclusions? Learn to accurately complete Forms 1099-A and 1099-C with this line-by-line instructional program.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Properly complete Form 1099-A: Acquisition or Abandonment of Secured Property and Form 1099-C: Cancellation of Debt
- Understand which forms must be filed when foreclosing on real property versus repossessing personal property – and the exclusions
- Explain the process if the property isn’t acquired at a foreclosure sale
- Distinguish what constitutes cancellation of debt for purposes of Form 1099-C
- Handle debtors who file bankruptcy
Financial institutions are required to file Form 1099-A and/or Form 1099-C when foreclosing or repossessing collateral and when forgiving or cancelling debt. For example, Form 1099-A must be filed when foreclosing on collateral (but there are many exceptions that you need to know), and Form 1099-C must be filed when cancelling a debt. And these rules apply even though your institution hasn’t actually forgiven the debt. Join us to learn how, when, and what to report on Form 1099-A and Form 1099-C – line by line.
WHO SHOULD ATTEND?
This informative session will be useful for all loan operations personnel, accounting clerks, tax personnel, accountants, management, compliance officers, auditors, and attorneys.
- IRS General Instructions for Certain Information Returns
- IRS Instructions for Forms 1099-A and 1099-C
- Employee training quiz
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits.
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.
Spencer Fane LLP
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