republic-os/legal/us/code/title-26/chapter-61/section-6050j.md

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LegalText	26 U.S.C. § 6050J	Returns relating to foreclosures and abandonments of security	us	united_states_code	code_section	26	INTERNAL REVENUE CODE	61	INFORMATION AND RETURNS	6050J	26 U.S.C. § 6050J	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc26@119-100.zip	/us/usc/t26/s6050J	data/legal/raw/us/code/title-26/usc26.xml	3d75f80684a7f1721b6daaaf45281ea8cbba2e60f80809ede4759cf8e74f83fd	a261f094809116f42a96648a3d5eee80fa010379d67412551c21dd5c900b27f4	c91520fc1a7819173c0ede393479be1dde410d349785f8444823fe5018b170bf	2026-07-04	official	legal us-code

26 U.S.C. § 6050J - Returns relating to foreclosures and abandonments of security

Text

(a) In general Any person who, in connection with a trade or business conducted by such person, lends money secured by property and who—

(1) in full or partial satisfaction of any indebtedness, acquires an interest in any property which is security for such indebtedness, or

(2) has reason to know that the property in which such person has a security interest has been abandoned,

shall make a return described in subsection (c) with respect to each of such acquisitions or abandonments, at such time as the Secretary may by regulations prescribe.

(b) Exception Subsection (a) shall not apply to any loan to an individual secured by an interest in tangible personal property which is not held for investment and which is not used in a trade or business.

(c) Form and manner of return The return required under subsection (a) with respect to any acquisition or abandonment of property—

(1) shall be in such form as the Secretary may prescribe,

(2) shall contain—

(A) the name and address of each person who is a borrower with respect to the indebtedness which is secured,

(B) a general description of the nature of such property and such indebtedness,

(C) in the case of a return required under subsection (a)(1)—

(i) the amount of such indebtedness at the time of such acquisition, and

(ii) the amount of indebtedness satisfied in such acquisition,

(D) in the case of a return required under subsection (a)(2), the amount of such indebtedness at the time of such abandonment, and

(E) such other information as the Secretary may prescribe.

(d) Applications to governmental units For purposes of this section—

(1) Treated as persons The term “person” includes any governmental unit (and any agency or instrumentality thereof).

(2) Special rules In the case of a governmental unit or any agency or instrumentality thereof—

(A) subsection (a) shall be applied without regard to the trade or business requirement contained therein, and

(B) any return under this section shall be made by the officer or employee appropriately designated for the purpose of making such return.

(e) Statements to be furnished to persons with respect to whom information is required to be furnished Every person required to make a return under subsection (a) shall furnish to each person whose name is required to be set forth in such return a written statement showing the name, address, and phone number of the information contact of the person required to make such return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was made.

(f) Treatment of other dispositions To the extent provided by regulations prescribed by the Secretary, any transfer of the property which secures the indebtedness to a person other than the lender shall be treated as an abandonment of such property.

(Added Pub. L. 98–369, div. A, title I, § 148(a), July 18, 1984, 98 Stat. 687; amended Pub. L. 104–168, title XII, § 1201(a)(10), July 30, 1996, 110 Stat. 1470.)

Notes

Editorial Notes

Amendments1996—Subsec. (e). Pub. L. 104–168 substituted “name, address, and phone number of the information contact” for “name and address”.

Statutory Notes and Related Subsidiaries

Effective Date of 1996 AmendmentAmendment by Pub. L. 104–168 applicable to statements required to be furnished after Dec. 31, 1996 (determined without regard to any extension), see section 1201(b) of Pub. L. 104–168, set out as a note under section 6041 of this title.

Effective DatePub. L. 98–369, div. A, title I, § 148(d), July 18, 1984, 98 Stat. 689, provided that: “The amendments made by this section [enacting this section and amending sections 6652 and 6678 of this title] shall apply with respect to acquisitions of property and abandonments of property after December 31, 1984.”