1099-A Reporting Requirements May Apply to You


Most creditors are aware that a Form 1099-C, Cancellation of Debt, must be filed with the IRS upon a cancellation of debt. However, many creditors are unaware that a Form 1099-A, Acquisition or Abandonment of Secured Property, must be filed after foreclosures and certain repossessions even when the deficiency “stays alive” and no cancellation of debt has occurred.

The 1099-A reporting requirements apply to any party who lends money in connection with its trade or business. The IRS casts a much wider net with the 1099-A than it does with the 1099-C, and many creditors who are not subject to the 1099-C requirements will still have to file a 1099-A. Even if you are not in the business of lending money, you may be required to file a 1099-A if you, in full or partial satisfaction of a debt, acquire an interest in property that is security for a debt.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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