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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.

How to File IRS Form 1099-A?

If you are required to file a Form 1099-A, you must provide a statement to the borrower. The account number is required if you obtain multiple accounts for a borrower. This may pertain to users who may be filing more than one 1099-A Form. Cancelled debt is an income in the eyes of the IRS — and may be taxable. Form 1099-A may truncate a borrower's Tax Identification Number (TIN), Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), Adoption Taxpayer Identification Number (ATIN), or Employer Identification Number (EIN) on payee statements.

For an acquisition, enter the date you acquired the secured property. Enter the balance of the outstanding debt at the time the interest in the property was acquired or on the date you first knew or had reason to know that the property was abandoned.

1099 A Form

Here are the boxes on the form that may show amounts or other information. Boxes for the policies information:

  • Box 1:

    Date of lender’s acquisition
  • Box 2:

    Balance of Principal outstanding
  • Box 3:

  • Box 4:

    Fair Market Value of the property
  • Box 5:

    Check Box
  • Box 6:

    Property’s Description

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Who Uses Form 1099-A?

  • If there is more than one owner of undivided interest in a single loan, the trustee or registration owner must file a 1099-A Form on behalf of all owners.
  • If a loan is transferred from one holder to another, the subsequent loan holder must report the events of the transfer on Form 1099-A.
  • If a government unit or subsidiary agent loans money that is secured by property, the government unit must submit Form 1099-A.
  • If there are several lenders of money secured by the property, and a lender seizes on a building, the other trust holders must file Form 1099-A.

When is the Form 1099-A deadline?

Filing Type Deadline
Recipient copy January 31st
IRS Paper Filing February 28th
IRS Electronic Filing March 31st

Note:If the due date/deadline falls on a Saturday, Sunday, or federal holiday, the filer will need to E-file on the next business day.

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