Two 1099-As

[Peachie]

I am a little confused by the 1099A only because the taxpayer received 2 of them. I think the first one is from the original lender and the second lien holder acquired the property after it was abandoned. It looks to me on the first 1099a it balances out to zero. However, on the second one box 4 is more than box 2, so the bank made money it seems. I need help with the following, please:

Bank 1

box 2-$149,774. Box 4-$149,774

Bank 2
Box 2-$149,774 Box 4-$161,$747

Borrower is personally liable of course.

I excluded $149,774 in the software on bank 1 calculation.


Do I need to do two separate 1099A calculations in the sotware or what? Please advise what you suggest. TIA.

Peachie

[Peachie]

Bump

Bumping to get an answer. I knoow everyone is busy and I think I have done the worksheet correctly but would like other's input.

Thanks.

Peachie

[S T]

1099A and two 1099 C

Peachie, I am not much help, but this will give the post a bump back to the top.

I am struggling through a 1099A and 1099C on a rental property plus a 1099C on the personal residence.

I have done the worksheets as well (recourse debt on both) due to refinance and trying for the Mortgage Relief on the Personal ,and Insolvency.

So I am hoping I am doing it right as well.

Sandy

[Peachie]

Sandy, we are all alone

Peachie, I am not much help, but this will give the post a bump back to the top.

I am struggling through a 1099A and 1099C on a rental property plus a 1099C on the personal residence.

I have done the worksheets as well (recourse debt on both) due to refinance and trying for the Mortgage Relief on the Personal ,and Insolvency.

So I am hoping I am doing it right as well.

Sandy

in this big old tax world.

I did nothing to lien holder 1 but acknowledge the form via worksheets because it was a wash--my software said not to complete my worksheet if box 2 wasn't more than box 4. Now that the season is just about done, I am going to check into my choices with someone else after I work through it by hand.

This client isn't quite insolvent, but he should be.

Here I thought I was all alone and then you come along and make me just want to shut up! I don't envy you. We'll have a virtual drink together when this is over.

Peachie

[S T]

1099-a

Peachie,

Is one of the forms a Corrected Form???

I have two 1099A forms on my client, but one is to the wife and one to the husband, identical amounts and is the same amount as what was on the mortgage statement balance on 12/31/08

Maybe just do the 1099A on the second 1

Your box 4 FMV is higher than your cancellation of debt in Box 1,

Sandy

[Peachie]

No Sandy,

Peachie,

Is one of the forms a Corrected Form???

I have two 1099A forms on my client, but one is to the wife and one to the husband, identical amounts and is the same amount as what was on the mortgage statement balance on 12/31/08

Maybe just do the 1099A on the second 1

Your box 4 FMV is higher than your cancellation of debt in Box 1,

Sandy

I checked to make sure they weren't corrected. It looks like the original lien holder sold the property to BA who then sold it to someone else for more than the value of the property.

I have nothing in boxes 1--just 2 and 4. The second one has box 4 higher than box 2 and my software says if thiis is the case not to do part 2 of the worksheet. There are two different transactions on the same date-like a foreclosure and a repurchase from someone else. My client chose to wait until now to get this done so if there are errors, he'll know after tomorrow because I won't give up until I'm satisfied what my interpertation of the code says.

Right now, I have no appointments for tomorrow (they tried to kill me today). I am going to be googling, researching and Taxbooking to see what I come up with. I sure hope you resolve your issue. I will talk to you in a few days I'm sure to let you know how it turned out.

Thanks so much for your cmments.

Peachie