The form 1099-A usually indicates you have had property foreclosed. Lenders who acquire an interest in property that was security for a loan or who have reason to know that such property has been abandoned must provide you with this statement.
You may have reportable income or loss because of such acquisition or abandonment. Gain or loss from an acquisition generally is measured by the difference between your adjusted basis in the property and the amount of your debt canceled in exchange for the property or, if greater, the sale proceeds.
If you abandoned the property, you may have income from the discharge of indebtedness in the amount of the unpaid balance of your canceled debt. The tax consequences of abandoning property depend on whether or not you were personally liable for the debt.
Losses on acquisitions or abandonments of property held for personal use are not deductible. See Pub. 4681 for information about your tax consequences.
Property means any real property (such as a personal residence), any intangible property, and tangible personal property that is held for investment or used in a trade or business.
If you borrowed money on this property with someone else, each of you should receive this statement.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
