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Foreclosures and Abandonments Policy

To be reportable, the property must be taken in the course of a trade or business for satisfaction of all or part of a debt. Therefore, if the taking of property occurs in connection with some governmental activities, or enterprises, reporting is required. It may be real property (such as land, houses, commercial buildings) or personal property (such as office equipment, cars, or stocks). It can be either tangible (such as a computer) or intangible (such as a bank account).

A Form 1099-A, Acquisition/Abandonment of Secured Property, should be filed for the year in which the property was taken. The taking of property occurs when the title is transferred or the "benefits and burdens" of ownership are transferred to another party. If more than one person is involved in the foreclosure or abandonment, a return must be filed for each party stating the full amount (do not allocate). In the event of a foreclosure, report the gross foreclosure proceeds. In the event of an abandonment, report the fair market value of the property at the time of transfer.