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Instructions For Forms 1099-A And 1099-C - Acquisition Or Abandonment Of Secured Property And Cancellation Of Debt - 2018 Page 6

debt before an identifiable event and you choose to report

Box 6. Identifiable Event Code

that cancellation, enter the date that you actually canceled

Enter the appropriate code to report the nature of the

the debt.

identifiable event. For more information about the code to

use when reporting each identifiable event, see When Is a

Box 2. Amount of Debt Discharged

Debt Canceled, earlier, and Regulations section

Enter the amount of the canceled debt. See Debt Defined

1.6050P-1(b)(2). Also see Pub. 4681.

and Exceptions, earlier. The amount of the canceled debt

cannot be greater than the total debt less any amount the

Box 7. Fair Market Value (FMV) of Property

lender receives in satisfaction of the debt by means of a

FMV should include the appraised value of the

settlement agreement, foreclosure sale, a short sale that

property if the property is sold in a short sale.

partially satisfied the debt, etc.

TIP

If you are filing a combined Form 1099-C and 1099-A for a

Box 3. Interest if Included in Box 2

foreclosure, execution, or similar sale, enter the FMV of

Enter any interest you included in the canceled debt in

the property. Generally, the gross foreclosure bid price is

box 2. You are not required to report interest in box 2. But

considered to be the FMV. If an abandonment or voluntary

if you do, you must also report it in box 3.

conveyance to the lender in lieu of foreclosure occurred,

enter the appraised value of the property.

Box 4. Debt Description

Enter a description of the origin of the debt, such as

student loan, mortgage, or credit card expenditure. Be as

specific as possible. If you are filing a combined Form

1099-C and 1099-A, include a description of the property.

Box 5. Check Here if the Debtor Was Personally

Liable for Repayment of the Debt

If the debtor was personally liable for repayment of the

debt at the time the debt was created or, if modified, at the

time of the last modification, enter an “X” in the checkbox.

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Instructions for Forms 1099-A and 1099-C (2018)

Instructions For Forms 1099-A And 1099-C - Acquisition Or Abandonment Of Secured Property And Cancellation Of Debt - 2018 Page 6