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Foreclosure and the 1099 Form

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Question: 
Do I need to file a 1099-A AND a 1099-C after a foreclosure and subsequent sale of the property?
Answer: 

In some instances you need not file the 1099-A after a foreclosure provided you address certain items in the 1099-C. You need to be careful about amounts, intentions and timing. Once you understand the rules, compliance is a snap!
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Learn more about David Reed’s webinar
IRS Reporting Requirements: 1098s, 1099s, TINs and Backup Withholding

First published on 08/26/2018

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