Listed below are descriptions for1099-A and 1099-C.
If you did not receive either of these forms and you do not any additional income you can delete that amount.
You may get Form 1099-A (Acquisition or Abandonment of Secured Property) if your lender foreclosed on your mortgage or repossessed property as a result of a defaulted loan.
If your 1099-A is for personal property, like your personal residence or automobile, you don't need to report it. However, hang on to this form and keep it with your tax records.
On the other hand, if you got a 1099-A for business or investment property (like a rental), we highly recommend that you consult a tax professional for further advice.
In most situations, if you receive a Form 1099-C from a lender after negotiating a debt cancellation with them, you'll have to report the amount on that form to the Internal Revenue Service as taxable income. Certain exceptions do apply.
