Form 1099-A

All states | 22 types
Form 1099-A Page 1
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Updated Jan 17, 2025
~ 6 pages
275 downloads
Lenders issue an IRS 1099-A form to report information about the acquisition or abandonment of secured property. This form is typically used when a borrower’s property is foreclosed or abandoned, and it provides details such as the outstanding loan balance and the fair market value of the property. Download this 1099-A form in PDF and fill it out confidently with the guidelines below.
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Document Types
Form 1099
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Form 1099-B
This form reports proceeds from the sale of securities or certain barter transactions.
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Form 1099-C
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Form 1099-CAP
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Form 1099-DIV
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Form 1099-G
This form reports taxable payments from government agencies.
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Form 1099-H
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Form 1099-INT
This form reports interest income to the IRS and payment recipients.
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Form 1099-K
This form reports payment transactions for goods and services processed through third-party networks.
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Form 1099-LS
This form reports the transfer or acquisition of a life insurance contract.
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Form 1099-LTC
This form reports long-term care and accelerated death benefit payments.
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Form 1099-MISC
This form reports an income that is not classified as wages, salaries, or tips.
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Form 1099-NEC
This form reports payments to independent contractors or self-employed individuals.
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Form 1099-OID
This form reports OID income from financial instruments like bonds or notes.
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Form 1099-PATR
This form is used to report taxable distributions or patronage dividends from cooperatives.
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Form 1099-Q
This form reports distributions from education savings programs to the IRS and recipients.
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Form 1099-QA
This form documents distributions from ABLE accounts for tax and eligibility purposes.
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Form 1099-R
This form is used to report retirement and pension distributions to the IRS and recipients.
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Form 1099-S
This form is used to report real estate transaction proceeds.
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Form 1099-SA
This form is used to report distributions from health or medical savings accounts.
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Form 1099-SB
This form is used to report life insurance policy transfers to the IRS and recipients.
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1099-a

The U.S. tax system demands a thorough understanding of the myriad of associated forms, one of them being the 1099A form: acquisition or abandonment of secured property. To fully grasp the 1099A meaning, it’s important to know that this IRS document provides critical financial information in situations where a property has been transferred due to foreclosure or abandonment.

When To Use Form 1099A

Specific situations necessitate the utilization of form 1099 A. This generally comes into focus for:

  1. Mortgage Lenders. These financial institutions typically issue 1099 A to borrowers who have undergone foreclosure or abandonment of a property that was secured by a loan. The form reflects the loan balance and provides information necessary for filing income tax returns.

  2. Borrowers. Borrowers, on the other hand, receive 1099-A from their lenders detailing essential financial information. This data helps them determine gain, loss, and income from the foreclosure or abandonment.

Parts of Form 1099-A

1099-A form of payment essentially breaks down into three core parts:

  • Copy A. This part of the form is submitted to the Internal Revenue Service by the lender.
  • Copy B. This copy is sent to the borrower, serving to update them with all the financial details pertaining to their loan.
  • Copy C. This version remains with the issuer for their records.

How To Fill Out 1099 A Form

Completing the acquisition or abandonment of secured property form involves a careful procedure:

1. Acquire the Form. The 1099 form A is typically provided by your financial institution. However, you can also download it from the official IRS website. 

2. Populate the IRS 1099A. The following avenues require accurate information:

    • Lender's name, address, and telephone number.

    • Borrower's name, address, and account number.

    • Indication if the borrower is personally liable for repayability.

    • Balance of the principal outstanding.

    • The fair market value of the property

    • Property's description.

    • Date of the lender's acquisition or knowledge of abandonment.

3. Submit and Distribute Copies. Once all details are correctly filled in the 1099A tax form, the lender submits Copy A to the IRS and provides Copy B to the borrower while retaining Copy C themselves.

While filling up the 1099-A acquisition or abandonment of property, emphasize accuracy to ensure proper financial reportage. Any mistakes could lead to unwanted tax discrepancies or IRS disputes.