1099-A Form

Definition

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.
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