What do I do with Form 1099-A?
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 onto 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.
- Canceled Debt, Is It Taxable or Not?
- Form 1099-C, Cancellation of Debt
- Form 982, Reduction of Tax Attributes
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