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1099 Reporting: Foreclosures, Repossessions & Debt Settlements

Nov 18 2:00 PM - Nov 18, 2021 3:30 PM
Nov 18, 2021 2:00 PM - 3:30 PM
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Is it a foreclosure, repossession, or cancellation of debt? Do you know the differences, IRS reporting requirements, and exclusions? Learn to accurately complete Forms 1099-A and 1099-C with this line-by-line instructional program.

Learning Objectives

  • Properly complete Form 1099-A: Acquisition or Abandonment of Secured Property and Form 1099-C: Cancellation of Debt
  • Understand which forms must be filed when foreclosing on real property versus repossessing personal property – and the exclusions
  • Explain the process if the property isn’t acquired at a foreclosure sale
  • Distinguish what constitutes cancellation of debt for purposes of Form 1099-C• Handle debtors who file bankruptcy

Financial institutions are required to file Form 1099-A and/or Form 1099-C when foreclosing or repossessing collateral and when forgiving or cancelling debt. For example, Form 1099-A must be filed when foreclosing on collateral (but there are many exceptions that you need to know), and Form 1099-C must be filed when cancelling a debt. And these rules apply even though your institution hasn’t actually forgiven the debt. Join us to learn how, when, and what to report on Form 1099-A and Form 1099-C – line by line.



Elizabeth Fast, JD & CPA, Spencer Fane LLP

Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. 




Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Lending & Collections
  • Compliance