File Form 1099-A, Acquisition or Abandonment of Secured Property, for each borrower if you lend money in connection with your trade or business and, in full or partial satisfaction of the debt, you acquire an interest in property that is security for the debt, or you have reason to know that the property has been abandoned. You need not be in the business of lending money to be subject to this reporting requirement
Who must file:
In addition to the general rule specified above, the following rules apply.
Multiple owners of a single loan. If there are multiple owners of undivided interests in a single loan, such as in pools, fixed investment trusts, or other similar arrangements, the trustee, record owner, or person acting in a similar capacity must file Form 1099-A on behalf of all the owners of beneficial interests or participations. In this case, only one form for each borrower must be filed on behalf of all owners with respect to the loan. Similarly, for bond issues, only the trustee or similar person is required to report.
Governmental unit. A governmental unit, or any of its subsidiary agencies, that lends money secured by property must file Form 1099-A.
Subsequent holder. A subsequent holder of a loan is treated as a lender and is required to report events occurring after the loan is transferred to the new holder..
Multiple lenders. If more than one person lends money secured by property and one lender forecloses or otherwise acquires an interest in the property and the sale or other acquisition terminates, reduces, or otherwise impairs the other lenders' security interests in the property, the other lenders must file Form 1099-A for each of their loans. For example, if a first trust holder forecloses on a building, and the second trust holder knows or has reason to know of such foreclosure, the second trust holder must file Form 1099-A for the second trust even though no part of the second trust was satisfied by the proceeds of the foreclosure sale.
Box 1. Date of Lender's Acquisition or Knowledge of Abandonment
Box 2. Balance of Principal Outstanding
Box 3. Reserved
Box 4. Fair Market Value (FMV) of Property
Box 5. Was Borrower Personally Liable for Repayment of the Debt
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Submit the Form 1099-A with the IRS and complete your requirement
IRS 1099 Deadline for 2019
IRS 1099 A form e-filing deadline for tax year 2019 is March 31st, 2020. Now you can e-file form 1099-A copy A with IRS and send the recipient copy through USPS mail using our service. Payers must issue 1099-A form Copy B to recipients on or before January 31, 2020
E-filing FORM 1099-A online with form1099online.com is quicker and easy
Form1099online.com is an IRS Approved 1099 E-file provider. File 1099-A form on paper by February 28, 2020, or March 31, 2020, if filing electronically.Payers must issue 1099-A form Copy B to recipients on or before January 31, 2020