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Specific Instructions for Filing Form 1099-A
File Form 1099-A, Acquisition or Abandonment of Secured Property if:
- Lend money on the course of trade or business
- Acquired interests either in full or partial satisfaction of a debt.
- Interest in property that is security for the debt
- The property is abandoned
Form 1099 A Boxes Information
Here are IRS Form 1099 A Boxes information in detail:
Box 1. Date of Lender’s Acquisition or Knowledge of Abandonment.
If you acquired property, provide the date you acquired the property. In case, if you abandoned the property, enter the date the property was abandoned.
Box 2. Balance of Principal Outstanding
Enter the balance of the debt outstanding when the property was acquired or abandoned
Box 3. Reserved for Future Use
Box 4. Fair Market Value (FMV) of Property
Enter the Fair Market Value of the property for any foreclosure or sale of the property. If any abandonment instead of foreclosure occurs, ensure to check the box.
Box 5. Was Borrower Personally Liable for Repayment of the Debt?
Enter “X” in the check box if the borrower was personally liable for repayment of the debt.
Box 6. Description of Property
Enter the description of the property. For real property: address of the property. For personal property: applicable type, make, and model.