#1099aform

A 1099-A tax form must be filed by lenders or creditors who have acquired an interest in the property through foreclosure or abandonment. This form is used to report the acquisition or abandonment of secured property. Borrowers should also receive a copy to report potential income from forgiven debt.

This form reports the foreclosure or repossession of a property held as collateral for a loan. Who receives it: Borrower whose property is foreclosed or repossessed. Who files it: Lender that repossessed the property. Reported income: Fair market value of the property minus outstanding debt.

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What is an IRS 1099 A Form?

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