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The 1099-A form is usually used to help taxpayers accurately report a home foreclosure on that year's federal income tax return. This form is normally issued when a homeowner fails to make timely payments on a home loan, and the lender repossesses the house.What is the purpose of a 1099 form?
The Purpose Of 1099 Forms. They all serve the same general purpose, which is to provide information to the Internal Revenue Service (IRS) about certain types of income from non-employment-related sources. The payers of these types of income must send one copy of form 1099 to the IRS and another copy to the recipient of these payments (in other words,...