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If it's for personal property, such as a home or a car, you don't need to report it in your return. Keep this form for your records in case you get a 1099-C that indicates the debt has actually been forgiven.
How to use 1099-A for the payment of tangible or intangible property such as personal vehicle?
@cuatito2323 wrote:
How to use 1099-A for the payment of tangible or intangible property such as personal vehicle?
As stated if the Form 1099-A was received for personal property, such as a vehicle, it is not reported on a tax return, keep for your records. If you receive a Form 1099-C, Cancellation of Debt that is reported on a tax return.
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