E File 2021-22 Form 1099 A Online- Form1099Online

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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.

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