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
For an acquisition, enter the date you acquired the secured property. An interest in the property generally is acquired on the earlier of the date title is transferred to the lender or the date possession and the burdens and benefits of ownership are transferred to the lender. If an objection period is provided by law, use the date the objection period expires. If you purchase the property at a sale held to satisfy the debt, such as at a foreclosure or execution sale, use the later of the date of sale or the date the borrower's right of redemption, if any, expires.
For an abandonment, enter the date you knew or had reason to know that the property was abandoned unless you expect to commence a foreclosure, execution, or similar action within 3 months, as explained earlier. If a third party purchases the property at a foreclosure, execution, or similar sale, the property is treated as abandoned, and you have reason to know of its abandonment on the date of sale.
Enter the balance of the debt outstanding at the time the interest in the property was acquired or on the date you first knew or had reason to know that the property was abandoned. Include only unpaid principal on the original debt. Do not include accrued interest or foreclosure costs.
For a foreclosure, execution, or similar sale, enter the FMV of the property. See Temporary Regulations section 1.6050J-1T, Q/A-32. Generally, the gross foreclosure bid price is considered to be the FMV. If an abandonment or voluntary conveyance to the lender in lieu of foreclosure occurred and you placed an “X” in the checkbox in box 5, enter the appraised value of the property. Otherwise, make no entry in this box
If the borrower was personally liable for repayment of the debt at the time the debt was created or, if modified, at the time of the last modification, enter an “X” in the checkbox.
Enter a general description of the property. For real property, generally you must enter the address of the property, or, if the address does not sufficiently identify the property, enter the section, lot, and block.
For personal property, enter the applicable type, make, and model. For example, describe a car as “Car—2012 Honda Accord.” Use a category such as “Office Equipment” to describe more than one piece of personal property, such as six desks and seven computers. Enter “CCC” for crops forfeited on Commodity Credit Corporation loans
IRS 1099 Deadline for 2019
IRS 1099 A form e-filing deadline for tax year 2019 is April 1, 2019. 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
Try now for Free
Set up your free account with form1099online.com with in 2 minutes. Simply TRY NOW FOR FREE AND pay only if you submit forms.