The short answer
| What it reports | Information about the acquisition or abandonment of property that is security for a debt for which you are the lender. |
|---|---|
| Amounts to report | All amounts |
| To the recipient | (To Borrower) January 31 |
| To the IRS, on paper | February 28 |
| To the IRS, electronically | March 31 |
If one arrives
Treated as a sale of the property. A 1099-C may follow for any debt forgiven on top of it.
The form is how a payer tells the IRS what it paid. Its absence is not permission — income you received is reportable whether or not a form covers it, and a threshold decides only who must file, never what you owe.
This page is for educational purposes only and does not constitute tax, legal, or financial advice. It covers United States federal reporting. Consult a qualified tax professional about your situation.