IRS Form 1099-A Explained: Where to Report on Form 1040

The IRS Form 1099-A is filed by a lender when they repossess the security interest attached to the loan or the lender has reason to believe the property was abandoned.
In most cases, Form 1099-A is not filed because the repossessed property is tangible personal property used for personal uses, not in connection with a trade or business.
Form 1099-A is always filed if the secured property is real estate, whether a principal residence, vacation home, or used in a trade or business. In this example, the taxpayer purchased an investment property that the bank foreclosed. The taxpayer is still eligible to report the capital loss on the transfer of the property.
More information can be found in IRS Publication 4681.
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#Form1099 #Foreclosure #Securedloan

[@SEPTORIALAFAYE]

Thank you so much for this breakdown! I was struggling to find how to enter the 1099-a info to the return and this is the first video I found that gives a comprehensive breakdown after looking for hours.

[@TDOGGYDOGG6983]

Thank you brother from another mother ayeeeeeeeeee 🥇 GOD SUNT YOU RIGHT IN TIME! THANK YOU SO KINDLY!

[@winfrednicholson5004]

CAUTION! Misinformation on 1099A, individuals may be a Secure Party Credit. Not only Bankster. Key IRS instructions "and person that lend money"

[@ayawoke9906]

Right info, wrong crowd

[@heathersundermeyer3691]

You are missing the fact that Adam was the creditor. I can’t even listen To this

[@Therealinnz1]

Salute Jason Where can I get these forms ?

[@patwaripiyush]

Lender issues this to the borrower ?

[@BaileyHorse]

its confusing. what is the difference between tangible personal property and real property? how you determine which is which?

[@rudra109]

What I understand by tangible personal property is that which is movable like machinery, furniture, computer etc..whereas real property means non movable, attached to land like building

[@BaileyHorse]

@@rudra109 thank you. The host didn’t even bother to answer the question.

[@judycox5814]

Never check that box!

[@RhondaKing-x3z]

I received 1099a for personal property with amt in box 2 for 234730 and fmv 144000 how to do i report it. Its from tax yr 2018 can u help me

[@EAAdamson]

Hers wher the difference comes, when your considered an entity and that mean a business, stock or non human and in essence you are a businees and the lender is using your money to loan to you and that makes you the lendor to the bank ho is debtor and you dont like they used your money to loan oithers and have been paid on the loan out of our trust, so they are damaged. We are commercial law inase you wondered

[@HaroldMitchell-l9z]

You sound like a prosecutor who side are you on?

[@HaroldMitchell-l9z]

This was not helpful this a complete disaster!!!