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Get the free 2008 Instruction 1099-A & C. Instructions for Forms 1099-A and 1099-C

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Internal Revenue Service. 2008. Instructions for Forms. 1099-A and 1099-C. Section references ... www.irs.gov or by calling 1-800-TAX-FORM (1-800-829- 3676). .... had a prior year reporting requirement
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Instruction 1099-A is used to report the acquisition or abandonment of secured property and Instruction 1099-C is used to report cancellation of debt.
Lenders, financial institutions, and other entities who have acquired or abandoned secured property or canceled debt are required to file instruction 1099-A and 1099-C.
Instruction 1099-A and 1099-C must be filled out accurately and completely. The forms require information such as the lender's name, borrower's identification number, property address, date of acquisition or abandonment, and the amount of debt canceled.
The purpose of instruction 1099-A and 1099-C is to report the relevant information to the Internal Revenue Service (IRS) for tax purposes. These forms help in determining the tax consequences of acquiring or abandoning secured property, as well as canceling debt.
Information that must be reported on instruction 1099-A and 1099-C includes the lender's name, borrower's identification number, property address, date of acquisition or abandonment, and the amount of debt canceled.
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