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What Is Form 1099-A?

Key Takeaways

  • Form 1099-A reports the acquisition or abandonment of secured property, including property received due to foreclosure.
  • File Form 1099-A when acquiring property from lending another party money.
  • Send Form 1099-A to the IRS and the property owner.
  • Recipient copy is due by January 31st; eFile by March 31st; paper filing by February 28th.
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IRS Form 1099-A, the A stands for acquisition or abandonment of secured property, is filed when you have received property due to a foreclosure.

Form 1099-A Requirements

  • The date the property was transferred
  • The property’s fair market value when it was transferred
  • The loan’s balance on the day the transfer of property happened

This will help the IRS determine if any taxes for capital gains are due because of the acquired property.

You need to file this form when you have acquired the property from having lent another party money. It does not matter whether your main business is lending money or not.

Where It Will Need To Go?

You will need to send the 1099-A form to the IRS as well as the person whose land you received.

IRS Form 1099-A Due Dates 2020

  • Recipient Copy – January 31st
  • IRS eFile – March 31st
  • IRS Paper Filing – February 28th

If any of these dates fall on a holiday the due date will move to the next day.

How to eFile 1099-A Form for the Year 2020?

Tax1099 is the go-to source for your 1099 filings. You can eFile Form 1099-A Online for the year 2020 using Tax1099. Don’t wait for the deadline – eFile now!