How To Report 1099-a On Tax Return

It is important to know how to report 1099-A on a tax return. You'll receive a 1099-A form when a property has been foreclosed by a bank or abandoned. The house's former owner receives the 1099-A and has to include it with his tax return. To properly report 1099-A on tax return is not as complicated as it might seem.

Things you'll need:

  • 1099-A form
  1. Check the “Void” or “Corrected” box on the 1099-a tax return. Whichever applies. In the first box enter the lender's name, address and telephone number.
  2. Enter the lender's identification number and the borrower’s identification number (social security number) in the two boxes that follow. Then enter the borrower’s street address and telephone number.
  3. Put the date the lender acquired the home and the means (foreclosure or execution sale) or knowledge of abandonment in the first box. Show the debt owed by the home owner on the tax return in box two. Box three is left blank.
  4. Enter the fair market value of the property in box four. In box five, check “Yes” or “No” to show the borrower was liable for repayment.
  5. Describe the property in box six.

The deadline to report 1099-A on tax return changes annually. Check the date to make sure the deadline is not missed. Include in the tax return the lender and borrower's full street address. Do not use the online 1099-A tax return form to file electronically. The IRS will not accept it. Other online tax programs will include the necessary forms to file the 1099-A form.


Instruction for Forms 1099-A and 1099-C

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