[Kristen123]

...have a 1099 prepared? I am foreclosing on a private loan secured by a residential home. I privately financed the purchase of my home with a 100,000 loan (50,000) was put down. As I am foreclosing, do I need to have any sort of 1099 prepared. As this was a one time occurrence, and I am not in the trade or business of financing nor was the loan financed as a result of my trade or business I presume I do not need to file 1099-a or c. Any advice? Greatly appreciated!