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Form 1099-A

Form name

Acquisition or Abandonment of Secured Property

IRC Section

6050J

Link to form

https://www.irs.gov/pub/irs-pdf/f1099a.pdf

Purpose of form

A U.S. payor uses this form when it lends money in connection with its trade or business to a borrower, or payee, and in full or partial satisfaction of the debt, the U.S. payor acquires an interest in property that is security for the debt, or the U.S. payor has reason to know that the property has been abandoned.   The U.S. payor does not need be in the business of lending money in order to be required to provide a Form 1099-A to its borrower or payee and to the Internal Revenue Service (IRS).

Information reported on form

  • The name, address, taxpayer identification number and phone number of the lender,
  • The name, address, and taxpayer identification number of the borrower, with respect to the indebtedness which is secured,
  • Date of lender’s acquisition of knowledge of abandonment,
  • Balance of principal outstanding,
  • Fair market value of property,
  • Whether the borrower was personally liable for repayment of the debt,
  • A general description of the nature of such property and such indebtedness.
  • Please see Form 1099-A for all other information required to be reported.

 

Reporting threshold

All amounts.

Due date to recipient

January 31 to borrower.

Due date to IRS (paper filing)

February 28

Due date to IRS (Electronic Filing)

March 31st