What is Form 1099-SB?
Form 1099-SB is an information return form used to report the seller’s investment in the contract/surrender amount related to interest in a life insurance contract. if the filer is the issuer of a life insurance contract and they receive a statement from an acquirer in a reportable policy sale provided under section 6050Y(a) or the filer receives notice of a transfer of the life insurance contract to a foreign person.
In general, a reportable policy sale is any direct or indirect acquisition of any interest in a life insurance contract if the acquirer, at the time of the acquisition, has no substantial family, business, or financial relationship with the person insured under that contract, apart from the acquirer’s interest in such life insurance contract. The acquisition of an interest in a partnership, trust, or other entity that holds an interest in a life insurance contract maybe an indirect acquisition of that interest in a life insurance contract and may be a reportable policy sale.
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