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What is the difference between a 1099-A and a 1099-C?

April 26, 2017difference

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What is the difference between a 1099-A and a 1099-C?

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When the debt for a loan is forgiven, the amount of debt canceled may be taxable. The lender must report the amount of the canceled debt to you and the IRS on form 1099-C (Cancellation of Debt), or a 1099-A form (Acquisition or Abandonment of Secured Property). These are issued both in a short sale (form 1099-C) and in the case of foreclosure (form 1099-A).