Use the amount of the liability owed as of the end of the Schedule A reporting period.
Report the loan only if it produced more than $200 in income during the Schedule A reporting period. The value of the loan in Block B will be “None (or less than $1,001)” because it has been paid off.
Yes. A cosigner has a present obligation and is primarily liable for the note along with the principal obligor/debtor. Provide the name of all cosigners.
Not normally. Only report a guarantor if the principal debtor has defaulted on the obligation.
This guide is not intended to provide investment advice, and you should not rely on statements in this guide when making investment decisions.
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