Form 1099-A

Form 1099-A is used by lenders to report to the Internal Revenue Service (IRS) when they acquire an interest in property that was used as security for a loan, such as through foreclosure or repossession or when they have reason to know that the borrower has abandoned the secured property. The form includes the lender’s and borrower’s identifying information, the date of acquisition or abandonment, the principal balance outstanding, the fair market value of the property and a description of the property.

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Frequently asked questions

Form 1099-A reports that a lender has acquired or knows of the abandonment of secured property, providing key details the IRS and the borrower need to determine any gain or loss on the disposition of the property. It’s typically issued after foreclosure, repossession or abandonment of property used as loan collateral.
Lenders, banks, mortgage companies, credit unions, financial institutions and other entities that lend money in connection with a trade or business and that acquire an interest in secured property or have reason to know the property has been abandoned must fill out and file Form 1099-A for each borrower.
Form 1099-A is submitted to the Internal Revenue Service (IRS) by filing Copy A with the IRS, either electronically through the IRS FIRE/InfoReturn systems or by mail using official IRS scannable forms per IRS requirements. Copy B is provided to the borrower for their tax records.

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