💼📅 March 31, 2025 – IRS Electronic Filing Deadline for Lenders & Brokerage Firms
Entities responsible for reporting income, gains, or losses related to loans, interest, or securities must file electronically by March 31, 2025.
The paper filing deadline was February 28, 2025.
These 1099 forms are essential for both individual and business taxpayers to correctly report income and deductions.
🧾 Form 1099-A – Acquisition or Abandonment of Secured Property
🔍 What is it?
Used to report when a lender acquires property from a borrower through foreclosure or repossession, or when a borrower abandons secured property.
💼 Who files it?
Lenders or government agencies who held the loan secured by the property.
📥 What information does it include?
Date of acquisition or abandonment
Balance of the outstanding debt
Fair market value of the property
💡 Why it matters:
Borrowers may need this to determine if they have a capital gain or loss from the event. The IRS uses it to monitor foreclosures and debt settlements.
🧾 Form 1099-C – Cancellation of Debt
🔍 What is it?
Reports forgiveness or cancellation of $600 or more of debt.
💼 Who files it?
Lenders, banks, credit unions, credit card companies, or federal agencies.
📥 What information does it include?
Amount of canceled debt
Reason for cancellation
Whether the borrower was personally liable
💡 Why it matters:
Canceled debt is generally considered taxable income unless excluded (e.g., bankruptcy, insolvency).
🧾 Form 1099-INT – Interest Income
🔍 What is it?
Reports interest payments of $10 or more paid to individuals or entities.
💼 Who files it?
Banks, financial institutions, and lenders who paid interest to account holders or borrowers.
📥 What information does it include?
Total interest paid
Early withdrawal penalties
Federal income tax withheld (if any)
💡 Why it matters:
Taxpayers use this form to report taxable interest income on their returns.
🧾 Form 1099-OID – Original Issue Discount
🔍 What is it?
Reports income from the discount on bonds or other debt instruments originally issued below face value.
💼 Who files it?
Issuers or custodians of the debt instrument.
📥 What information does it include?
OID accrued each year
Issue price and maturity value
💡 Why it matters:
Even though the investor may not receive cash until maturity, they may owe tax each year on accrued OID.
🧾 Form 1099-B – Proceeds from Broker and Barter Exchange Transactions
🔍 What is it?
Used to report sales of stocks, securities, commodities, or other capital assets handled by brokers or barter exchanges.
💼 Who files it?
Brokerage firms and barter exchanges
📥 What information does it include?
Description and date of sale
Sales proceeds and cost basis
Type of gain or loss (short or long term)
💡 Why it matters:
Taxpayers must report these transactions on Schedule D of their tax return. The IRS uses it to verify capital gains and losses.