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This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual

Form 1099-A data entry

To enter information from Form 1099-A, Acquisition or Abandonment of Secured Property, you can either use Source Data Entry or use the 1099-A Facsimile section of the
1099C
 screen. The fields in this section are similar to the form.
note
  • The
    1099C
     screen shows in the following folders or activities:
    • Income folder
    • Business folder
    • Rent & Royalty folder
    • Farm folder
    • Farm Rental folder
    If the information reported on Form 1099-A pertains to a particular activity, enter the information on the
    1099C
     screen for that activity. For example, if the information reported on Form 1099-A is related to the taxpayer and/or spouse's Schedule C business, enter the information on the
    1099C
     screen in the Business folder.
  • Per IRS Publication 544, Sales and Other Dispositions of Assets, report the cancellation of a nonbusiness debt as other income on Form 1040, line 21.
  • Per IRS Publication 544, Sales and Other Dispositions of Assets, a loss from abandonment of business or investment property is deductible as an ordinary loss, even if the property is a capital asset. The loss is the property's adjusted basis when abandoned.
  • If the taxpayer received Form 1099-A for property that's for personal use, UltraTax CS doesn't calculate a loss and it's a non-deductible personal loss. Refer to Publication 4681 for more information.

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