You should use the 2013 General Instructions for Certain Information Returns and the 2013 Instructions for Forms 1099-A and 1099-C to complete Form 1099-A. City or town province or state country and ZIP or foreign postal code 6 Description of property Account number see instructions For Privacy Act and Paperwork Reduction Act Notice see the 2013 General Instructions for Certain Information Returns. 1099-A Cat. No. 14412G www.irs.gov/form1099a Department of the Treasury - Internal Revenue Service...Do Not Cut or Separate Forms on This Page Do Not Cut or Separate Forms on This Page CORRECTED if checked Copy B For Borrower This is important tax information and is being Revenue Service. OMB No. 1545-0877 Acquisition or Abandonment of Secured Property Form 1099-A LENDER S federal identification number BORROWER S identification number 1 Date of lender s acquisition or knowledge of abandonment 2 Balance of principal outstanding BORROWER S name 4 Fair market value of property Copy A For Internal...Revenue Service Center File with Form 1096. Street address including apt. no. 5 Check here if the borrower was personally liable for repayment of the debt. City or town province or state country and ZIP or foreign postal code 6 Description of property Account number see instructions For Privacy Act and Paperwork Reduction Act Notice see the 2013 General Instructions for Certain Information Returns. Attention This form is provided for informational purposes only. Copy A appears in red similar to...the official IRS form* Do not file copy A downloaded from this website. The official printed version of this IRS form is scannable but the online version of it printed from this website is not. A penalty may be imposed for filing forms that can t be scanned* See part O in the current General Instructions for Certain Information Returns for more information about penalties. To order official IRS forms call 1-800-TAX-FORM 1-800-829-3676 or Order Information Returns and Employer Returns Online and...we ll mail you the scannable forms and other products. See IRS Publications 1141 1167 1179 and other IRS resources for information about printing these tax forms. VOID CORRECTED LENDER S name street address city or town province or state country ZIP or foreign postal code and telephone no. OMB No* 1545-0877 Acquisition or Abandonment of Secured Property Form 1099-A LENDER S federal identification number BORROWER S identification number 1 Date of lender s acquisition or knowledge of abandonment 2...Balance of principal outstanding BORROWER S name 4 Fair market value of property Copy A For Internal Revenue Service Center File with Form 1096. Street address including apt* no* 5 Check here if the borrower was personally liable for repayment of the debt. City or town province or state country and ZIP or foreign postal code 6 Description of property Account number see instructions For Privacy Act and Paperwork Reduction Act Notice see the 2013 General Instructions for Certain Information...Returns.
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How to fill out IRS 1099-A
Instructions and Help about IRS 1099-A
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To edit IRS 1099-A, access the document using pdfFiller's editing tools. You can make necessary adjustments to the fields of the form, ensuring that all information is accurate and up to date before filing. Save and download the edited document for your records or to submit it as needed.
How to fill out IRS 1099-A
Filling out IRS 1099-A requires specific information regarding the acquisition or abandonment of secured property. Follow these steps:
01
Obtain the IRS 1099-A form from the IRS website or through approved third-party providers.
02
Enter the lender's name, address, and taxpayer identification number (TIN).
03
Provide the date of the loan or the property's abandonment.
04
Indicate the fair market value of the property and any outstanding debt.
After completing these steps, review the form for accuracy, then proceed to submit it by the applicable deadline.
About IRS 1099-A 2013 previous version
What is IRS 1099-A?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 1099-A 2013 previous version
What is IRS 1099-A?
IRS 1099-A is a tax form used to report the acquisition or abandonment of secured property, typically by a lender when a borrower defaults on a mortgage loan. This form is essential for both lenders and borrowers, as it helps to document financial transactions concerning secured debts and properties.
What is the purpose of this form?
The primary purpose of IRS 1099-A is to inform the IRS that a property has been transferred or abandoned as a result of foreclosure or other forms of repossession. It aids in determining any potential taxable income for the borrower based on the loan's outstanding amount compared to the property's fair market value.
Who needs the form?
Individuals or entities that have acquired property through foreclosure need to issue or receive IRS 1099-A. Typically, this includes lenders who have foreclosed on a property or borrowers who have had their properties repossessed. It is crucial for tax reporting purposes.
When am I exempt from filling out this form?
You may be exempt from filing IRS 1099-A if the property was not secured by a loan, or if the loan was not in default under the terms of the mortgage agreement. Additionally, a lender is not required to file this form if the debt is under a specific threshold, such as loans below $600 unless stated otherwise.
Components of the form
The IRS 1099-A consists of critical components including the lender's details, borrower’s information, the date of the loan origination, loan number, fair market value of the property, and the total outstanding debt at the time of foreclosure or abandonment. Accurate information in these fields is crucial for proper tax reporting.
What are the penalties for not issuing the form?
Failure to issue IRS 1099-A can lead to penalties for the lender, which may include a fine based on the number of forms not filed or incorrectly filed. These fines can escalate if the issue is not resolved promptly or if intentional disregard can be proven.
What information do you need when you file the form?
When filing IRS 1099-A, ensure you have the following information ready: the lender’s name, address, and TIN; borrower’s name and TIN; the acquisition date of the property; fair market value; and the total amount of principal outstanding on the property. Collecting this data in advance will aid in efficient completion of the form.
Is the form accompanied by other forms?
Generally, IRS 1099-A may be filed alongside other tax reporting forms, such as IRS 1099-C, which deals with the cancellation of debt. It is advisable to check IRS guidelines to ensure compliance with all related reporting requirements which may be necessary based on the financial situation.
Where do I send the form?
The completed IRS 1099-A should be sent to the IRS at the address indicated in the form's instructions. Additionally, a copy must be provided to the borrower by January 31 of the year following the transaction. Accurate mailing is critical to avoid delays and ensure proper processing by the IRS.
FAQ about IRS 1099-A
What should I do if I made a mistake on my 1099a 2013 form?
If you discover an error on your 1099a 2013 form after submission, you can submit a corrected form. Clearly mark the new form as 'Corrected' and ensure that you follow the IRS guidelines for corrections. It's important to notify the recipient of the error and provide them with the corrected version to maintain accurate records.
How can I verify the processing status of my 1099a 2013 form?
To verify the processing status of your filed 1099a 2013 form, you can contact the IRS directly or check the status on their official website. If you e-filed your form, keep track of any confirmation numbers provided, as these can help resolve issues if your form is rejected.
What are the legal considerations regarding data privacy when submitting a 1099a 2013 form?
When filing the 1099a 2013 form, it is crucial to ensure that personal and financial information is transmitted securely to protect the data privacy of all parties involved. Using encrypted methods for e-filing and understanding the record retention period mandated by the IRS are essential for compliance with data security regulations.
What should I do if I receive a notice from the IRS regarding my 1099a 2013 form?
If you receive a notice from the IRS about your 1099a 2013 form, read the notice carefully for instructions. Gather any supporting documentation, such as your original form and correspondence, and respond by the specified deadline to address any issues or discrepancies highlighted in the notice.
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