E-File IRS Form 1099-A Online with Tax2efile

Tax2efile simplifies your tax filing experience with a user-friendly platform, ensuring effortless navigation for accurate capture of your information. Bid farewell to manual filing hassles and long queues. Complete your IRS 1099-A Form seamlessly in just minutes with our online tax filing solution.

What is Form 1099-A?

Form 1099-A, Acquisition, Abandonment of Secured Property, is an informational form used to report the act of a lender on an asset. The user might receive a 1099-A tax return if their mortgage lender foreclosed on their assets and cancelled some or all their mortgage or may have sold their assets in a short sale. If the borrower had multiple mortgages on the foreclosed assets, that individual can expect to receive a separate tax return from a lender.

Asset or Property is described as any actual property (such as a personal residence), intangible property, or tangible personal property that is held for investment or used in a trade or business. Moreover, if you have borrowed money on this property from someone else, each of the users should receive this statement. Any amount is the minimum amount that the form is issued.

How to File IRS Form 1099-A?

If you are required to report a Tax Form 1099-A, you must provide a statement to the borrower. The account number is required if you obtain multiple accounts for a borrower. This may pertain to users who may be filing more than one 1099-A return. Cancelled debt is an income in the eyes of the IRS — and may be taxable. It may truncate a borrower's Tax Identification Number (TIN), Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), Adoption Taxpayer Identification Number (ATIN), or Employer Identification Number (EIN) on payee statements.

For an acquisition, enter the date you acquired the secured assets. Enter the balance of the outstanding debt at the time the interest in the property was acquired or on the date you first knew or had reason to know that the property was abandoned.

IRS Form 1099-A to report acquisition or abandonment secured property

Here are the boxes on the form that may show amounts or other information. Boxes for the policies information:

  • Box 1:

    Date of lender’s acquisition
  • Box 2:

    Balance of Principal outstanding
  • Box 3:

  • Box 4:

    Fair Market Value of the property
  • Box 5:

    Check Box
  • Box 6:

    Property’s Description

Quickly E-File 1099-A Form in Simple Steps

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  • Enter Tax Information
  • Submit to IRS

Watch our step-by-step video on How to E-File IRS Form 1099-A with Tax2efile

Who Must File Form 1099-A?

  • If there is more than one owner of undivided interest in a single loan, the trustee or registration owner must file it on behalf of all owners.
  • If a mortgage (loan) is transferred from one holder to another, the subsequent loan holder must report the events of the transfer on it.
  • If a government unit or subsidiary agent loans money that is secured by property, the government unit must submit it.
  • If there are several lenders of money secured by the property, and a lender seizes on a building, the other trust holders must file it.

When is the Form 1099-A deadline?

Filing Type Deadline
Recipient copy January 31st
IRS Paper Filing February 28th
IRS Electronic Filing March 31st

Note: If the due date/deadline falls on a Saturday, Sunday, or federal holiday, the filer will need to E-file on the next business day.

Still have questions?

Form 1099-A is used for acquisition or abandonment property Form 1099-A is filed If the lender acquires a secured property from you or has reason to know that you abandoned the property, the lender will then file a Form 1099-A.

Borrowers & lenders Name, Address, TINs, Account Numbers, dates of lender’s acquisition or Knowledge of abandonment, Balances of principal and a Fair market value.

Using our fast electronic service, you can complete your filing within 5 minutes.

Yes, Tax2efile offers a bulk upload feature that allows the user to upload all of the borrowers to an excel sheet for a faster process.

Tax2efile allows you to correct a mistake to the recipient’s information for TINs, Names & amounts.

Yes, Form 1099-A is applicable for both personal and investment properties. Ensure that you accurately report the necessary information related to the acquisition or abandonment of the secured property.

Yes, if a lender repossesses a vehicle that serves as collateral for a loan, Form 1099-A should be filed. Include the relevant details, such as the acquisition date and outstanding debt balance.

To file Form 1099-A for a single return the filing fee is $3.25.

Yes, Tax2efile offers printing and mailing service! Our dedicated team will print and mail out each form you filed.

The IRS requires Form 1099-A to be submitted by February 28 through the mail and by March 31 if you file the form electronically however, recipients’ copy should be mailed by January 31.

Failure to file the 1099 form by the deadline may result in IRS penalties. The penalty can be from $60 per 1099 Form, the maximum penalty can be up to $630,500. If you submit Form more than 31 days to before August 1, the penalty increases to $120 per 1099 Form and maximum penalty up to $1,891,500. If you file after August 1, the penalty can be from $310 per 1099 Form and maximum penalty up to $3,783,000. Additionally, there are penalties for failure to furnish the payee statement.

Yes, if the abandonment of the property is due to natural disasters, you are still required to file Form 1099-A. Include details of the acquisition date and outstanding debt balance related to the secured property.

If the secured property was transferred as a gift, you generally don't need to file Form 1099-A. However, specific circumstances may apply, and it's advisable to consult IRS guidelines or seek professional advice.

Yes, even if the outstanding debt was discharged in a bankruptcy proceeding, you are still required to file Form 1099-A. Report the details of the acquisition and abandonment as usual.

If you have more questions, please refer to our FAQ page.

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