Instructions for IRS Form 1099-A, 1099-C Acquisition or Abandonment of Secured Property and Cancellation of Debt

IRS Form 1099-A Acquisition or Abandonment of Secured Property IRS Form 1099-C Cancellation of Debt

This document contains official instructions for IRS Form 1099-C , and IRS Form 1099-A . 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-C is available for download through this link. The latest available IRS Form 1099-A can be downloaded through this link.

FAQ

Q: What is IRS Form 1099-C?
A: IRS Form 1099-C is a tax form used to report canceled debts.

Q: What is IRS Form 1099-A?
A: IRS Form 1099-A is a tax form used to report the acquisition or abandonment of secured property.

Q: When is Form 1099-C used?
A: Form 1099-C is used when a debt has been canceled or forgiven by a creditor, and the amount canceled is $600 or more.

Q: When is Form 1099-A used?
A: Form 1099-A is used when a lender has acquired an interest in a property through foreclosure or abandonment.

Q: Do I need to include Form 1099-C or 1099-A with my tax return?
A: No, you do not need to include these forms with your tax return. However, you need to report the information from these forms on your tax return.

Q: What do I do if I receive Form 1099-C or 1099-A?
A: If you receive Form 1099-C or 1099-A, you should review the information and use it to accurately report your income or loss on your tax return.

Q: Are there any exceptions to reporting canceled debt on Form 1099-C?
A: Yes, there are certain exceptions, such as debts discharged in bankruptcy or debts that were gifts.

Q: What should I do if I disagree with the information on Form 1099-C or 1099-A?
A: If you disagree with the information on these forms, you should contact the entity that issued the form to discuss and resolve any discrepancies.