Cancellation of debt? Abandonment of property? Third-party transactions? These can be complex issues and each of them can affect the others. What do you and your clients need to know about proper reporting for IRS Tax Forms 1099-C, A, and K?
In this webinar, we bring these complex topics down to earth. We’ll help you know when each form is used and how it is used. You can feel confident helping your clients know what to report for cancelled debt, acquisition or abandonment of property, and specific payment systems.
By the end of this course, you will be able to:
- Explain the differences between recourse and non-recourse loans
- Know when to use Form 1099-C and properly complete it
- Identify the exclusions and exemptions to the 1099-C
- Detail items of Foreclosure and Repossession
- Know when to use Form 1099-A and properly complete it
- Discuss the newest rules on Form 1099-K, including third-party transactions, and
- Accurately complete Form 1099-K
