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.When do you use 1099 a form?
A 1099 form must be issued at the end of a tax period in which an individual, business or other entity made a reportable transaction. A form 1099 is used to disclose income to both the Internal Revenue Service and the individual taxpayer (called the recipient).What are the requirements for 1099 form?
As a general rule, you must issue a Form 1099-MISC to each person to whom you have paid at least $600 in rents, services (including parts and materials), prizes and awards, or other income payments. You don't need to issue 1099s for payments made for personal purposes.