Loan Screens > IRS Form 1099-C Screen > 1099-C Entry Fields field group

Entry: User, numeric, 11 digits

F/M: Yes

Mnemonic: IRPAF7

Use this field to indicate the fair market value of the collateral item on the customer loan account.

The following instructions are given to the customer by the IRS for Form 1099-C:

"If, in the same calendar year, a foreclosure or abandonment of property occurred in connection with the cancellation of the debt, the fair market value (FMV) of the property will be shown, or you will receive a separate Form 1099-A, Acquisition or Abandonment of Secured Property. Generally, the gross foreclosure bid price is considered to be the FMV. For an abandonment or voluntary conveyance in lieu of foreclosure, the FMV is generally the appraised value of the property. You may have income or loss because of the acquisition or abandonment. See Pub. 544, Sales and Other Dispositions of Assets, for information about foreclosures and abandonments."