Form 1099-A, Acquisition or Abandonment of Secured Property
File Form 1099-A, Acquisition or Abandonment of Secured Property, for each borrower if you lend money in connection with your trade or business and, in full or partial satisfaction of the debt, you acquire an interest in property that is security for the debt, or you have reason to know that the property has been abandoned. You need not be in the business of lending money to be subject to this reporting requirement.
If you are required to file Form 1099-A, you must provide a statement to the borrower. Furnish a copy of Form 1099-A or an acceptable substitute statement to each borrower.
Coordination With Form 1099-C If, in the same calendar year, you cancel a debt in connection with a foreclosure or abandonment of secured property, it is not necessary to file both Form 1099-A and Form 1099-C, Cancellation of Debt, for the same debtor. You may file Form 1099-C only.
General Instructions for Certain Information Returns (Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G)
Other Items You May Find Useful:
Publication 542, Corporations
Publication 544, Sales and Other Dispositions of Assets
Form 1099-C, Cancellation of Debt
Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals)
Comment on Form 1099-A
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