Form 1099 - A
What is Form 1099-A?
Form 1099-A, Acquisition, Abandonment of Secured Property, is an informational form used to report the act of a lender on a property. The user might receive a 1099-A Form if their mortgage lender foreclosed on their property and cancelled some or all of their mortgage, or may have sold their property in a short sale. If the borrower had more than one mortgage on the foreclosed property, that individual can expect to receive a separate Form 1099-A from a lender.
Property is defined as any real property (such as a personal residence), intangible property, or tangible personal property that is held for investment or used in a trade or business. Moreover, if you have borrowed money on this property with someone else, each of the users should receive this statement. Any amount is considered to be the minimum amount that the form is issued.
Now that you have a summary on the IRS 1099-A Form, you can start working with a tax advisor or preparer to get the most accurate tax reporting and get the most out of your return.
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