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Instructions for IRS Form 1099-A, 1099-C
for the current year.
Instructions for IRS Form 1099-A, 1099-C Acquisition or Abandonment of Secured Property and Cancellation of Debt
This document contains official instructions for IRS Form 1099-A , and IRS Form 1099-C . Both forms are released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1099-A is available for download through this link. The latest available IRS Form 1099-C can be downloaded through this link.
FAQ
Q: What is IRS Form 1099-A?
A: IRS Form 1099-A is used to report the acquisition or abandonment of secured property.
Q: What is IRS Form 1099-C?
A: IRS Form 1099-C is used to report cancellation of debt.
Q: When do I need to file IRS Form 1099-A?
A: You need to file IRS Form 1099-A if you are a financial institution that lends money and a borrower abandons the property or you acquire the property through foreclosure.
Q: When do I need to file IRS Form 1099-C?
A: You need to file IRS Form 1099-C if you are a financial institution that cancels or forgives a debt owed to you.
Q: What information is required to complete IRS Form 1099-A?
A: You will need to provide information about the borrower, the property, the acquisition or abandonment date, and the fair market value of the property.
Q: What information is required to complete IRS Form 1099-C?
A: You will need to provide information about the debtor, the cancellation of debt amount, the debt cancellation date, and the reason for the cancellation of debt.
Q: Are there any penalties for not filing IRS Form 1099-A or 1099-C?
A: Yes, there may be penalties for not filing or for filing incorrect forms. It is important to comply with the IRS reporting requirements.
Q: Can I file IRS Form 1099-A or 1099-C electronically?
A: Yes, you can file IRS Form 1099-A or 1099-C electronically using the IRS's Filing Information Returns Electronically (FIRE) system.
Instruction Details:
- This 6-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
- Complete, printable, and free.
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