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How to Report 1099-A on Income Taxes

The Internal Revenue Service doesn’t let many transactions slide under the radar. If you own real property and the lender forecloses -- or if you otherwise transfer your interest in the property back to the lender such as with a deed in lieu of foreclosure -- any capital gain or loss you realize must be reported on your tax return. The IRS considers the transaction a sale. Unfortunately, you can’t deduct a loss.

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Information on Form 1099-A

After a foreclosure or deed in lieu, your lender should send you a 1099-A form -- “Acquisition or Abandonment of Secured Property.” The form includes two important numbers: the principal balance of your mortgage at the time of the foreclosure or deed in lieu in box 2 and your property’s fair market value in box 4. Box 5 tells you whether you had a recourse or nonrecourse loan, which determines how you’ll make calculations.



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