IRS Form 1099-A, the A stands for acquisition or abandonment of secured property, is filed when you have received property due to a foreclosure.
Form 1099-A Requirements
- The date the property was transferred
- The property’s fair market value when it was transferred
- The loan’s balance on the day the transfer of property happened
This will help the IRS determine if any taxes for capital gains are due because of the acquired property.
You need to file this form when you have acquired the property from having lent another party money. It does not matter whether your main business is lending money or not.
Where It Will Need To Go?
You will need to send the 1099-A form to the IRS as well as the person whose land you received.
IRS Form 1099-A Due Dates 2020
- Recipient Copy-January 31st
- IRS eFile-March 31st
- IRS Paper Filing-February 28th
If any of these dates fall on a holiday the due date will move to the next day.
How to eFile 1099-A Form for the Year 2020?
Tax1099 is the go-to source for your 1099 filings. You can eFile Form 1099-A Online for the year 2020 using Tax1099. Don’t wait for the deadline eFile Now.!