Creating Form 1099-A
- Click on the Payer List button.
- Double click on the payer name.
- Highlight the recipient to add the form to.
- Click on the Add Form button.
- Choose 1099-A from the Form Type drop down menu.
- Fill in the necessary fields on the form:
- Corrected: Check this box if it applies.
- Date of lender's acquisition or knowledge of abandonment: The date of acquisition of the secured property or the date the property was abandoned.
- Account Number: A number assigned to recipient by the payer. This field is optional except for the following cases:
- The recipient has multiple returns for the same return type.
- The returns are filed using the E-file Center.
- Balance of principal outstanding: Include only unpaid principal on the original debt. Do not include accrued interest or foreclosure costs.
- Fair market value of property: Enter the appraised value of the property or the gross foreclosure bid price.
- Check here if the borrower was personally liable for repayment of the debt: Check if borrower was personally liable for repayment of the debt.
- Description of property: Enter address for real property. Enter applicable type, make, and model for personal property.
- Click Save.