File Form 1099-A, Acquisition or Abandonment of Secured Property, by February 28, 2007 (April 2, 2007, if filed electronically), for each borrower if you lend money in connection with your trade or business and, in full or partial satisfaction of the debt, you acquire an interest in property that is security for the debt, or you have reason to know that the property has been abandoned. You need not be in the business of lending money to be subject to this reporting requirement.

From Fedforms.Gov:
"Persons who loaned money in connection with their business and who acquired interest in property in satisfaction of that debt, or who know the property was abandoned, use Form 1099-A to report full or partial satisfaction of the debt."

"Certain lenders who cancel a debt owed to them of $600 or more use Form 1099-C to report the amount of debt canceled."

DOWNLOAD Forms 1099-A and 1099-C

This form may be downloaded directly from the IRS website. To open or download, in PDF format, simply click on the link below:

Forms 1099-A and 1099-C

 

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