1099-A Form


Acquisition or Abandonment of Secured Property. This form is used by an individual taxpayer if they do not make payments on a loan that is secured by a property. In this case, the lender may foreclose on that property and repossess the property. If so, the lender may send a Form 1099-A. This form is not used if payments are not made on items of personal property such as a car.

Use 1099-A Form in a sentence

You should make sure that you fill out a 1099-a form so that everything is official with the new propery.

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When tax season arrives, please be sure to print out your 1099-A Form and submit it to the IRS for review.

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John Smith realized that if he financed his loan by using his home as security and he defaults on that loan, the bank could send him a 1099-A form and take his home.

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