Form 1099-A, Acquisition or Abandonment of Secured Property
If you do not make payments due on a loan secured by property, your lender may foreclose on your mortgage or repossess the property. Lenders could send a Form 1099-A, Acquisition or Abandonment of Secured Property, or Form 1099-C, Cancellation of Debt, or both. If you received a 1099-A because you have abandoned personal property, such as a car, you don't need to report it in your return.
Keep this form for your records in case you get a 1099-C that indicates the debt has actually been forgiven.
IMPORTANT: If you received a 1099-A for a business- or investment-related property, such as a rental property or company car, please consult a professional or IRS Publication 544 Sales and Other Disposition of Assets and IRS Publication 4681 Canceled Debts, Foreclosures, Repossessions and Abandonments before continuing.