Rp 2011-55

26 CFR 1.6050H–1: Information reporting of mortgage interest received in a trade or business from an
individual.
(Also: Part 1, §§ 6721, 6722.)

Rev. Proc. 2011–55
SECTION 1. PURPOSE
This revenue procedure specifies the
Internal Revenue Service (IRS) office
to which state housing finance agencies (State HFAs) and the Department of
Housing and Urban Development (HUD)
should send the statements described in
Notice 2011–14, 2011–11 I.R.B. 544.
This revenue procedure also advises State
HFAs and HUD of Form 1098-MA, Mortgage Assistance Payments, which they
may, at their option, use as a statement
that satisfies the requirements of Notice
2011–14.
SECTION 2. BACKGROUND
.01 Notice 2011–14 provides guidance on the federal tax consequences of
payments made to or on behalf of financially distressed homeowners under (1)
programs designed by State HFAs with
funds allocated from the Housing Finance
Agency Innovation Fund for the Hardest-Hit Housing Markets (State Programs),
and (2) HUD’s Emergency Homeowners’
Loan Program (EHLP) and any existing
state program receiving funding from the
EHLP (the substantially similar state programs, or SSSPs). Notice 2011–14 also
provides guidance on the information reporting obligations for these payments.
.02 Section 6050H of the Internal Revenue Code requires every person engaged
in a trade or business (including governments and their agencies) to (1) file an information return for each calendar year in
which the person receives in the course
of its trade or business payments from an
individual of interest on a mortgage aggregating $600 or more, and (2) furnish
a copy of the information return to that
individual. See § 6050H(a) and (d) and
§ 1.6050H–1(a) of the Income Tax Regulations.
.03 Section 6721 of the Code imposes
penalties on a person for failing to include
all required information or including incorrect information on an information return.
Section 6722 imposes penalties on a per-

November 21, 2011

son for failing to include all required information or including incorrect information
on a payee statement.
.04 Notice 2011–14 provides that the
IRS will not assert penalties under §§ 6721
and 6722 of the Code against any State
HFA for failing to file and furnish correct
Forms 1098, Mortgage Interest Statement,
for calendar years 2011 and 2012 if the
State HFA provides each homeowner and
the IRS a statement setting forth (1) the
homeowner’s name and TIN, and (2) the
amount of payments that the State HFA
made to a mortgage servicer under the
State Program or the SSSP during that year
(separately stating the amount the State
HFA paid and the amount the homeowner
paid).
.05 Notice 2011–14 provides that,
for calendar years 2011 and 2012, HUD
should provide each homeowner and the
IRS a statement setting forth (1) the homeowner’s name and TIN, and (2) the amount
of payments HUD made to the mortgage
servicer under the EHLP during that year
(separately stating the amount HUD paid
and the amount the homeowner paid).
.06 Notice 2011–14 advises State HFAs
and HUD to use a single statement to provide the required names, TINs, and payment amounts of each homeowner to the
IRS.
.07 Notice 2011–14 provides that the
IRS intends to issue future guidance specifying the IRS office where the State HFAs
and HUD should send the single statements.

.02 Filers using Form 1098-MA. Filers
may, at their option, use Copy A of Form
1098-MA to provide to the IRS the information required by Notice 2011–14. Filers file Copy A of Form 1098-MA with the
IRS at the address listed in section 4.01 of
this revenue procedure. Copy A of Form
1098-MA may not be filed electronically.
Filing Copy A of Form 1098-MA for all
homeowners satisfies the requirement in
Notice 2011–14 to file a single statement
with the IRS.
Filers may, at their option, use Copy
B of Form 1098-MA to provide homeowners the information required by Notice
2011–14. See section 2.04 of this revenue
procedure for the information required by
Notice 2011–14.
.03 Filers not using Form 1098-MA. Filers who choose not to use Form 1098-MA
should provide each homeowner with a
statement setting forth the information required by Notice 2011–14, and provide the
IRS with a single statement that lists the information for each homeowner required by
Notice 2011–14. See section 2.04 of this
revenue procedure for the information required by Notice 2011–14.
.04 Due dates. Filers must file the single statement (or Copy A of Form 1098MA) with the IRS by February 28, and furnish the homeowner’s statement (or Copy
B of Form 1098-MA) to homeowners by
January 31, of the year following the calendar year in which the Filer made payments
to a mortgage servicer on a homeowner’s
mortgage.

SECTION 3. SCOPE

SECTION 5. EFFECT ON OTHER
DOCUMENTS

This revenue procedure applies to State
HFAs that make payments to mortgage servicers under a State Program or an SSSP,
and applies to HUD for payments made to
mortgage servicers under the EHLP, during calendar years 2011 and 2012.
SECTION 4. APPLICATION
.01 Filing address. State HFAs and
HUD (collectively, Filers) should send the
statement described in Notice 2011–14 to
the IRS at the following address:
Department of the Treasury
Internal Revenue Service Center
Stop 6728AUSC
Austin, TX 73301

793

Notice 2011–14 is modified to (1) specify the IRS office to which State HFAs and
HUD should send the statements required
by Notice 2011–14, and (2) provide that
State HFAs and HUD may, at their option,
use IRS Form 1098-MA to satisfy the requirements of Notice 2011–14.
SECTION 6. EFFECTIVE DATE
This revenue procedure is effective for
calendar years 2011 and 2012.
SECTION 7. DRAFTING
INFORMATION
The principal author of this revenue
procedure is Shareen S. Pflanz of the Of-

2011–47 I.R.B.

fice of Associate Chief Counsel (Income
Tax & Accounting). For further infor-

2011–47 I.R.B.

mation regarding this revenue procedure,

794

please contact Shareen S. Pflanz at (202)
622–4920 (not a toll-free call).

November 21, 2011