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Video instructions and help with filling out and completing 1099 oid instructions 2019-2022
Instructions and Help about 1099 oid instructions 2019-2022
All right so we're gonna cover a couple of other ones that you may do you may see and you may encounter in your practice and that has to do with a tenancy and 1099 a cancellation of datas where these usually come from so we're showing you these and I know we're gonna just kind of kind of talk about them again the manual has a lot more narrative as well and has a bit more to do with these we do see a lot of 1099 C's over the past few years just in site preparation practice in many cases people become underwater on their mortgages or have had debt cancelled cancellation debt we know it results in ordinary income income from the sale of assets or both the rules regarding those different situations for cancellation of debt income occurs there extensive a lot of that it's beyond really the the purpose of this courses we're just kind of telling you where to put things and how to report these but each individual situation of course is unique and analyzing that carefully the new thing that's that's announced for 2022 and this is kind of a newer trending I'm seeing with all these other forms we said the 1099 miscellaneous is the most common and absolutely hands down it is house we look at a lot of these other forms we'll be going through there's not that many reported in comparison the 1099 miscellaneous so what they've done for 2022 is copies B and C they've now been made fillable online for furnishing statements to recipients and retaining in your own files so they're trying to make it a little bit easier you it could be in the past that you had to order these forms you know from office a place to or from the IRS or what have you for all copies but now the only ones we really have to worry about are the redline forms that have to be scanned by computer being done in a very specific format your copies B and C which is like the copy to the recipient the copy for yourself there now fillable online so again in the manual there's links how to access all these but that is at least one nice development that we can we can do generally lenders or creditors required to file these and there has to be an identifiable event that occurs in order to trigger reporting a debt cancellation also if it is connected connection with foreclosure or abandonment I've secured properly it's not necessary to file both the 1099 a and 1099 C so that is just sometimes I see that and it's not that even all these really big companies maybe understand always perfectly how the rules but it's not necessary to file both if it if that identify old bill event kind of makes it seem like you would be reporting both so the nice thing again.