Reportable Payments and Transactions Not Subject to Backup Withholding (Portfolio 644)

Description

Bloomberg Tax Portfolio, Reportable Payments and Transactions Not Subject to Backup Withholding, No. 644, discusses payments and transactions reportable on Forms 1098 and 1099 that are not subject to backup withholding under §3406. This group of forms includes those that are used to report a variety of transactions associated with the lending of money, as well as other transactions that may be significant for tax purposes. The Portfolio also covers reporting requirements applicable to large cash transactions of $10,000 or more. Guidelines for filing information returns electronically are discussed in detail.

Table of Contents

I. Overview
II. Mortgage Interest Payments
III. Student Loans
IV. Qualified Tuition and Related Expenses
V. Acquisition or Abandonment of Secured Property
VI. Cancellation of Debt
VII. Proceeds from Real Estate Transactions
VIII. Contributions of Motor Vehicles, Boats, and Airplanes
IX. Long-Term Care and Accelerated Death Benefits
X. Bond Tax Credits
XI. Other Forms 1099
XII. Cash Payments Over $10,000 Received in a Trade or Business
XIII. Guidelines for Filing Information Returns with the IRS Electronically