1099-A or 1099-C

[RightOn]

Taxpayer got his property foreclosed in 2010. He said he has only received a Form 1099-C from the lender so far. According to my knowledge, a Form 1099-A should always be issued for a property foreclosed. Is there any special situation that a Form 1099-A is not required?

[Gary2]

Taxpayer got his property foreclosed in 2010. He said he has only received a Form 1099-C from the lender so far. According to my knowledge, a Form 1099-A should always be issued for a property foreclosed. Is there any special situation that a Form 1099-A is not required?

A 1099-A is not required if all the necessary information is on the 1099-C; see the IRS instructions for these forms. The 1099-C, on the other hand, can never be omitted solely because a 1099-A was also issued. There are, however, circumstances where the 1099-C does not need to be issued until some time after the 1099-A - possibly a few years, though it's also common to see 1099-Cs that are improperly delayed.