How long after foreclosure before you receives a 1099?

As with all 1099 forms, the form should be postmarked to you by January 31 and you should receive it by around mid-February of the year following the foreclosure.  You might receive either a 1099a or a 1099c.  A 1099a is a form filed by the bank to document the fact that you abandoned or voluntarily returned ownership of the property to the bank, in partial satisfaction of your mortgage debt.  By itself, without more information, simply receiving a 1099a says nothing about whether you must declare taxable income on the transaction.  The form to really watch for is the 1099c, which indicates “cancellation of debt” income.  As a general rule, if your lender has cancelled or forgiven part of your debt as part of the  foreclosure transaction, the 1099c may show regular income for you in the amount of your debt which was cancelled.  However, various laws create three major exceptions that may relieve you of the need to declare this windfall as regular income:  1) If the home was your principal residence; 2) if you were insolvent when the debt was cancelled; or 3) if the cancellation resulted from certain bankruptcy court orders.  Other laws may be passed that could create additional exceptions.  To avoid tax return mistakes, be sure to consult with a tax attorney or accountant.