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Title 26, Internal Revenue CodeRelease 119-110

§6050AA Returns Relating to Applicable Passenger Vehicle Loan Interest Received in Trade or Business From Individuals

Title 26 › Subtitle F — Procedure and Administration › CHAPTER 61 — INFORMATION AND RETURNS › Subchapter A — Returns and Records › PART III — INFORMATION RETURNS › Subpart B — Information Concerning Transactions With Other Persons › § 6050AA

Last updated Sep 22, 2026|Official source

Summary

If a business collects $600 or more in interest in a year from an individual on a specified passenger vehicle loan, the business must file a report with the IRS at the time the Secretary requires. The report must include the borrower’s name and address, the interest paid for the year, the loan principal at the start of the year, the loan origination date, the vehicle’s year/make/model and VIN (or other description), and any other details the IRS asks for. The business must also give each borrower a written statement with the same facts plus the business contact info by January 31 after the calendar year. “Specified passenger vehicle loan” means the loan described in section 163(h)(4)(B). Words that appear in section 163(h)(4) have the same meaning here. The Secretary must issue rules to carry out this reporting and prevent duplicate reports. No report is needed for periods when section 163(h)(4) does not apply.

Full Legal Text

Title 26, §6050AA

Internal Revenue Code, Source: USLM XML via OLRC

(a)In general
Any person—
(1)who is engaged in a trade or business, and
(2)who, in the course of such trade or business, receives from any individual interest aggregating $600 or more for any calendar year on a specified passenger vehicle loan,
shall make the return described in subsection (b) with respect to each individual from whom such interest was received at such time as the Secretary may provide.
(b)Form and manner of returns
A return is described in this subsection if such return—
(1)is in such form as the Secretary may prescribe, and
(2)contains—
(A)the name and address of the individual from whom the interest described in subsection (a)(2) was received,
(B)the amount of such interest received for the calendar year,
(C)the amount of outstanding principal on the specified passenger vehicle loan as of the beginning of such calendar year,
(D)the date of the origination of such loan,
(E)the year, make, model, and vehicle identification number of the applicable passenger vehicle which secures such loan (or such other description of such vehicle as the Secretary may prescribe), and
(F)such other information as the Secretary may prescribe.
(c)Statements to be furnished to individuals with respect to whom information is required
Every person required to make a return under subsection (a) shall furnish to each individual whose name is required to be set forth in such return a written statement showing—
(1)the name, address, and phone number of the information contact of the person required to make such return, and
(2)the information described in subparagraphs (B), (C), (D), and (E) of subsection (b)(2) with respect to such individual (and such information as is described in subsection (b)(2)(F) with respect to such individual as the Secretary may provide for purposes of this subsection).
The written statement required under the preceding sentence shall be furnished on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.
(d)Definitions
For purposes of this section
(1) In general
(2)Specified passenger vehicle loan
The term “specified passenger vehicle loan” means the indebtedness described in section 163(h)(4)(B) with respect to any applicable passenger vehicle.
(e)Regulations
The Secretary shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including regulations or other guidance to prevent the duplicate reporting of information under this section.
(f)Applicability
No return shall be required under this section for any period to which section 163(h)(4) does not apply.

Legislative History

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Section applicable to indebtedness incurred after Dec. 31, 2024, see section 70203(e) of Pub. L. 119–21, set out as an

Effective Date

of 2025 Amendment note under section 56 of this title.

Reference

Citations & Metadata

Citation

26 U.S.C. § 6050AA

Title 26, Internal Revenue Code

Last Updated

Sep 22, 2026

Release point: 119-110