§6050AA — Title 26 Internal Revenue Code | U.S. Code

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

Title 26 › Subtitle 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 Apr 6, 2026|Official source

Summary

Businesses that collect car loan interest must report it. If, in the course of your trade or business, you receive $600 or more of interest in a calendar year from an individual on a qualifying passenger vehicle loan, you must file a return with the IRS. The return lists the borrower's name and address, the interest received, the loan balance at the start of the year, the loan's origination date, and the vehicle's year, make, model, and identification number. You must also give the borrower a written statement with that same information plus your name, address, and phone number. No report is required for any period when the related car loan interest deduction is not in effect.

Title 26, §6050AA

Internal Revenue Code — Source: USLM XML via OLRC

(a)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,

(b)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)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).

(d)For purposes of this section—

(1)Terms used in this section which are also used in paragraph (4) of section 163(h) shall have the same meaning as when used in such paragraph.

(2)The term “specified passenger vehicle loan” means the indebtedness described in section 163(h)(4)(B) with respect to any applicable passenger vehicle.

(e)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)No return shall be required under this section for any period to which section 163(h)(4) does not apply.

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.

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

Summary

Title 26, §6050AA

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata