# 26 U.S.C. § 6050Y: Returns relating to certain life insurance contract transactions Source: OLRC release point 119-134 . Cite pinpoints as 26 U.S.C. § 6050Y(a)(1). ## § 6050Y(a) Requirement of reporting of certain payments **§ 6050Y(a)(1) In general.** Every person who acquires a life insurance contract or any interest in a life insurance contract in a reportable policy sale during any taxable year shall make a return for such taxable year (at such time and in such manner as the Secretary shall prescribe) setting forth— **§ 6050Y(a)(1)(A)** the name, address, and TIN of such person, **§ 6050Y(a)(1)(B)** the name, address, and TIN of each recipient of payment in the reportable policy sale, **§ 6050Y(a)(1)(C)** the date of such sale, **§ 6050Y(a)(1)(D)** the name of the issuer of the life insurance contract sold and the policy number of such contract, and **§ 6050Y(a)(1)(E)** the amount of each payment. **§ 6050Y(a)(2) Statement to be furnished to persons with respect to whom information is required.** Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing— **§ 6050Y(a)(2)(A)** the name, address, and phone number of the information contact of the person required to make such return, and **§ 6050Y(a)(2)(B)** the information required to be shown on such return with respect to such person, except that in the case of an issuer of a life insurance contract, such statement is not required to include the information specified in paragraph (1)(E). ## § 6050Y(b) Requirement of reporting of seller’s basis in life insurance contracts **§ 6050Y(b)(1) In general.** Upon receipt of the statement required under subsection (a)(2) or upon notice of a transfer of a life insurance contract to a foreign person, each issuer of a life insurance contract shall make a return (at such time and in such manner as the Secretary shall prescribe) setting forth— **§ 6050Y(b)(1)(A)** the name, address, and TIN of the seller who transfers any interest in such contract in such sale, **§ 6050Y(b)(1)(B)** the investment in the contract (as defined in section 72(e)(6)) with respect to such seller, and **§ 6050Y(b)(1)(C)** the policy number of such contract. **§ 6050Y(b)(2) Statement to be furnished to persons with respect to whom information is required.** Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing— **§ 6050Y(b)(2)(A)** the name, address, and phone number of the information contact of the person required to make such return, and **§ 6050Y(b)(2)(B)** the information required to be shown on such return with respect to each seller whose name is required to be set forth in such return. ## § 6050Y(c) Requirement of reporting with respect to reportable death benefits **§ 6050Y(c)(1) In general.** Every person who makes a payment of reportable death benefits during any taxable year shall make a return for such taxable year (at such time and in such manner as the Secretary shall prescribe) setting forth— **§ 6050Y(c)(1)(A)** the name, address, and TIN of the person making such payment, **§ 6050Y(c)(1)(B)** the name, address, and TIN of each recipient of such payment, **§ 6050Y(c)(1)(C)** the date of each such payment, **§ 6050Y(c)(1)(D)** the gross amount of each such payment, and **§ 6050Y(c)(1)(E)** such person’s estimate of the investment in the contract (as defined in section 72(e)(6)) with respect to the buyer. **§ 6050Y(c)(2) Statement to be furnished to persons with respect to whom information is required.** Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing— **§ 6050Y(c)(2)(A)** the name, address, and phone number of the information contact of the person required to make such return, and **§ 6050Y(c)(2)(B)** the information required to be shown on such return with respect to each recipient of payment whose name is required to be set forth in such return. ## § 6050Y(d) Definitions For purposes of this section: **§ 6050Y(d)(1) Payment.** The term “payment” means, with respect to any reportable policy sale, the amount of cash and the fair market value of any consideration transferred in the sale. **§ 6050Y(d)(2) Reportable policy sale.** The term “reportable policy sale” has the meaning given such term in section 101(a)(3)(B). **§ 6050Y(d)(3) Issuer.** The term “issuer” means any life insurance company that bears the risk with respect to a life insurance contract on the date any return or statement is required to be made under this section. **§ 6050Y(d)(4) Reportable death benefits.** The term “reportable death benefits” means amounts paid by reason of the death of the insured under a life insurance contract that has been transferred in a reportable policy sale. ## Regulations - [Treas. Reg. § 1.6050Y-1](/26/reg/1.6050Y-1.md): Information reporting for reportable policy sales, transfers of life insurance contracts to foreign persons, and reportable death benefits. (interprets § 6050Y) - [Treas. Reg. § 1.6050Y-2](/26/reg/1.6050Y-2.md): Information reporting by acquirers for reportable policy sale payments. (interprets § 6050Y) - [Treas. Reg. § 1.6050Y-3](/26/reg/1.6050Y-3.md): Information reporting by 6050Y(b) issuers for reportable policy sales and transfers of life insurance contracts to foreign persons. (interprets § 6050Y) - [Treas. Reg. § 1.6050Y-4](/26/reg/1.6050Y-4.md): Information reporting by payors for reportable death benefits. (interprets § 6050Y) ## Forms named in the regulations - [Form W-8ECI](https://www.irs.gov/pub/irs-pdf/fw8eci.pdf) - [Form W-9](https://www.irs.gov/pub/irs-pdf/fw9.pdf) ## Final rules - [91 FR 42345](https://www.federalregister.gov/documents/2026/07/09/2026-13830/information-reporting-and-transfer-for-valuable-consideration-rules-for-section-1035-exchanges-of) (2026): Information Reporting and Transfer for Valuable Consideration Rules for Section 1035 Exchanges of Life Insurance and Certain Other Life Insurance Contract Transactions - [84 FR 58460](https://www.federalregister.gov/documents/2019/10/31/2019-23559/information-reporting-for-certain-life-insurance-contract-transactions-and-modifications-to-the) (2019): Information Reporting for Certain Life Insurance Contract Transactions and Modifications to the Transfer for Valuable Consideration Rules ## Connections Cites: § 72 Annuities; certain proceeds of endowment and life insurance contracts; § 101 Certain death benefits Cited by: § 6047 Information relating to certain trusts and annuity plans; § 6724 Waiver; definitions and special rules ## Amendments - 2017-12-22: [Pub. L. 115-97](/26/act/115-97.md), 131 Stat. 2149