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IRSInformation Returns (1099/1098/1095 Series)

Official form guide

Form 1099A: 1099-A

Form 1099‑A, Acquisition or Abandonment of Secured Property, is used by lenders to report the acquisition or abandonment of property that secured a loan. File it when you take ownership of, or abandon, property because of a foreclosure or similar action.

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Form Overview

IRS Form 1099A - 1099-A

Form 1099‑A, Acquisition or Abandonment of Secured Property, is used by lenders to report the acquisition or abandonment of property that secured a loan. File it when you take ownership of, or abandon, property because of a foreclosure or similar action.

It captures the borrower's name, Taxpayer ID, property description, date of acquisition/abandonment, outstanding loan balance, and fair market value of the property.

Risk Radar

Scan points
  • 1A single typo in the borrower’s SSN can cause a penalty and delay processing.
  • 2Using the wrong Taxpayer Identification Number
  • 3Reporting an inaccurate fair market value
  • 4Missing the electronic filing deadline
  • 5Failing to send the borrower a copy

Plain English

If a bank or other creditor takes a house, car, or other collateral because the borrower didn’t pay, they must send Form 1099‑A to the IRS and the borrower. It tells the government what was taken, how much was owed, and the fair market value at the time.

Submission Date

  • Filing date: 2025-03-20 22:10:34
  • Preparation window: collect IDs, supporting records, and signatures in advance.
  • Final review: verify names, dates, and required fields before submission.

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Glossary Terms

fair market valuemarket valueoutstandingfair marketforeclosureownershipmarket

Hover a term to preview the meaning.

What this form is for

  • Use when you acquire property through foreclosure or similar action.
  • Do not use for a simple sale of property that isn’t secured by a loan.
  • If the loan is discharged without taking the property, consider Form 1099‑C.

Form selector

Use this form or another form?

Loan discharge without property transfer

Reports cancellation of debt

✓ Verify that no property was taken

Form 1099‑C

Sale of secured property by borrower

Reports proceeds from sale

✓ Check if the sale meets reporting thresholds

Form 1099‑S (if applicable)

Deadline or filing window

Paper filings must reach the IRS by February 28 of the year after the acquisition or abandonment. Electronic filers have until March 31. Copies to the borrower are due by the same dates. Late filing can incur $50‑$280 per form penalties.

  • —Outstanding loan balance | None (input) | Reported balance | Verify against loan payoff statement

Checklist

What you need before filling it out

1

Borrower TIN

Social Security or EIN · Tax return, loan documents

⚠ Missing or transposed digits✕ High
2

Fair market value

Appraisal or market data · Appraisal report, MLS listing

⚠ Using outdated appraisal✕ Medium
3

Date of acquisition

Closing or foreclosure date · Settlement statement

⚠ Wrong year entered✕ Medium
4

Outstanding balance

Loan payoff statement · Final payoff letter

⚠ Mis‑reading cents✕ Low

Before you submit

  1. 1Confirm borrower’s name and TIN match IRS records
  2. 2Verify fair market value with a recent appraisal
  3. 3Check that the acquisition/abandonment date is correct
  4. 4Ensure loan balance reflects the amount owed on that date
  5. 5Complete payer’s name, address, and EIN
  6. 6Sign and date Form 1096 for paper submissions
  7. 7Upload the correct PDF version to FIRE if filing electronically
  8. 8Send a copy of the completed 1099‑A to the borrower
  9. 9Retain all supporting documents for at least three years
  10. 10Confirm the IRS acknowledgment receipt if filed electronically

How to file this form

  1. 1Log in to the IRS FIRE system or prepare paper forms
  2. 2Enter payer information and borrower details exactly as on tax documents
  3. 3Input acquisition date, loan balance, and FMV
  4. 4Generate Form 1099‑A and, if paper, attach Form 1096
  5. 5Transmit electronically or mail to the IRS Service Center
  6. 6Mail or deliver the borrower’s copy by the deadline
  7. 7Save the transmission confirmation or certified mail receipt

Known limitations

  1. 1Form instructions do not provide a built‑in FMV calculator; external appraisal required
  2. 2Electronic filing requires separate FIRE registration; not all software supports 1099‑A
  3. 3The form does not capture multiple properties on one line; separate forms needed per property
  4. 4Penalty amounts are schedule‑based and may change annually

Field map

Compact field-by-field guide

5 fields

Payer Info

1 items

Payer Name, Address, and TIN

Identifying information of the business or person making the payment.

Requiredtext

Recipient Info

1 items

Recipient Name, Address, and TIN

Identifying information of the person or entity receiving the payment.

Requiredtext

Amounts

1 items

Reportable Amount

The payment amount subject to reporting for the applicable box category.

Requiredamount

Withholding

1 items

Federal Income Tax Withheld

Backup withholding amount if applicable.

amount

Signatures

1 items

Contact Information

Name and phone number of the person to contact about this return.

text
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Current form status
IRS

Form 1099‑A is in the 2024 tax year edition. No major revisions have been announced for the 2025 edition yet.

What changed or needs a fresh check

  • Edition date: 2024
  • Fee: none for filing, but electronic filing may incur software costs
  • Mailing address: IRS Service Center, P.O. Box 932400, Louisville, KY 40293‑2400 (paper)
  • Electronic filing: FIRE system login required
  • Signature: payer must sign Form 1096 if filing paper

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Quick Facts

The lender or creditor who acquires or abandons the secured property files the form.
It captures the borrower's name, Taxpayer ID, property description, date of acquisition/abandonment, outstanding loan balance, and fair market value of the property.
The form is due to the IRS by February 28 (paper) or March 31 (electronic) of the year following the acquisition or abandonment.
Submit paper copies to the IRS Service Center listed in the instructions; electronic filers use the FIRE system. Provide a copy to the borrower by the same deadline.
Incorrect amounts or missing copies can trigger penalties, affect the borrower’s tax liability, and delay the lender’s ability to claim a loss.
1. Gather loan payoff statements, appraisal reports, and borrower identification. 2. Fill out the payer and recipient sections on Form 1099‑A. 3. Calculate the outstanding balance and fair market value as of the acquisition date. 4. File electronically via FIRE or mail paper copies with Form 1096. 5. Send the borrower their copy and retain records for three years.

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After you file

  1. 1File the IRS acknowledgment or proof of mailing in the lender’s records
  2. 2Store all appraisal, payoff statements, and correspondence for three years
  3. 3Monitor borrower’s tax return for any dispute of the reported amounts
  4. 4Adjust the lender’s accounting for any loss or gain recognized
  5. 5Respond promptly to any IRS notice referencing the 1099‑A

Sources

  • SRCIRS Instructions for Form 1099‑A (2024 edition)
  • SRCIRS Publication 1635Understanding Your IRS Notice (relevant for penalties)
  • SRCFIRE System user guide (electronic filing details)
  • SRCIRS Service Center address list (paper filing address)
  • SRCIRS Penalty Schedule for Information Returns (2024)
  • SRCNot found in provided source: exact electronic filing fee amounts

Common confusion points

Acquisition vs. abandonment

Lender may think they abandoned property when they actually took title

→ Verify deed recording

Fair market value vs. loan balance

Borrower may assume balance equals FMV

→ Use independent appraisal

Electronic vs. paper deadline

Some think both share Feb 28 deadline

→ Remember electronic extends to Mar 31

Form 1099‑C vs. 1099‑A

Both involve debt but different actions

→ Check if property was taken

Multiple borrowers on one loan

May think one 1099‑A covers all

→ Issue separate forms for each taxpayer

Workflow map

Related forms and next steps

4 signals

Before

Form 1099‑C (Cancellation of Debt) if debt is forgiven without property transfer

Current

1099A

After

Form 1040 Schedule D for the borrower to report any gain or loss

Often used with

Form 8949 for reporting gain/loss on the property after acquisition

⚠ If something goes wrong

  • Form 1099‑A correction (Form 1099‑A corrected) and Form 1096

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Source transparency

Copyright & Licensing - US Government Forms

Independent guide

BrieflyGo links to and explains official public form sources. We are not a government agency, and this page is for general form guidance, not legal advice.

Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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