Everything you need to know about filing 1099s, W-2s, and other tax forms for your business
Form 1099-A is the IRS information return lenders use to report the acquisition or abandonment of property that secured a loan. If you are a lender who acquired an interest in secured property through foreclosure, repossession, or deed in lieu — or you have reason to know the borrower abandoned that property — you must file Form 1099-A with the IRS and send a copy to each borrower.
Our platform makes 1099-A eFiling fast, accurate, and IRS-compliant — even when you are reporting hundreds of properties across a busy filing season.
Form 1099-A — formally titled Acquisition or Abandonment of Secured Property — is the IRS information return lenders use to report two events: when they acquire an interest in property that secured a loan, and when they learn that property has been abandoned. Any lender in the business of lending money must file it once either event occurs during the tax year.
Borrowers use the information on Form 1099-A to calculate gain, loss, or cancellation of debt income on their federal tax return. The reported fair market value and outstanding loan balance determine how the transaction is treated. Accurate reporting protects both you and the borrower from downstream corrections.
You must file Form 1099-A if you are engaged in a trade or business of lending money and, in connection with that business, you:
Filers required to report include:
Note: File a separate Form 1099-A for each borrower and each property. If both acquisition and abandonment apply to the same property, report only the acquisition. If the same event triggers both a 1099-A and a 1099-C (Cancellation of Debt), you may be able to file a single 1099-C instead — check the current IRS instructions before you combine them.
Validate every borrower TIN before you file. A mismatched name and TIN is the most common cause of a rejected return, and it is the easiest error to catch early. Run each borrower through TIN Matching first, then file with confidence.
Deadlines for Form 1099-A are fixed. File on time to avoid penalties.
| Milestone | Deadline |
|---|---|
| Recipient copies furnished | January 31 of the year following acquisition or abandonment |
| IRS paper filing | February 28 |
| IRS eFile submission | March 31 |
Filing threshold: If you file 10 or more information returns of any type in a calendar year, the IRS requires you to file electronically. eFiling meets that requirement and confirms receipt the moment you submit.
Penalties: Late or incorrect filings may result in penalties of $60–$310 per form, based on how late the correction is made. Intentional disregard penalties start at $660 per form with no cap. Filing accurate returns on time is the simplest way to avoid every one of these charges.
What is Form 1099-A used for?
Form 1099-A reports when a lender acquires an interest in property that secured a loan — through foreclosure, repossession, or deed in lieu — or when the lender knows the borrower abandoned that property. Borrowers use it to figure gain, loss, or cancellation of debt income.
Who is required to file Form 1099-A?
Any business in the trade of lending money must file when it acquires secured property or learns of its abandonment. This includes banks, credit unions, mortgage servicers, auto finance companies, and government lending entities.
When is Form 1099-A due?
Borrower copies are due by January 31. Paper filings with the IRS are due February 28, and eFile submissions are due March 31.
Do I need to file a separate 1099-A for each property?
Yes. File a separate Form 1099-A for each borrower and each property involved.
What’s the difference between Form 1099-A and Form 1099-C?
Form 1099-A reports the acquisition or abandonment of secured property. Form 1099-C reports canceled debt. If a single event triggers both, you may be able to file only a 1099-C — confirm with the current IRS instructions before combining them.
How do I avoid a rejected 1099-A filing?
Validate each borrower’s name and TIN before you submit. Mismatched taxpayer data is the leading cause of rejected returns. Running TIN Matching first catches these errors while you can still fix them.
Can I file multiple 1099-A forms at once?
Yes. Our platform supports bulk uploads so you can file high volumes of 1099-A forms in a single submission.
What IRS penalties apply for missing or incorrect 1099-A forms?
Penalties range from $60 to $310 per form depending on how late the correction is filed. Intentional disregard penalties start at $660 per form with no cap.
Report secured property acquisitions and abandonments accurately and on time. Start your free 7-day trial and file 1099-A forms directly with the IRS today.
