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#1887374 - 01/16/14 02:41 PM 1099-A
KYAuditor Offline
100 Club
KYAuditor
Joined: Jan 2003
Posts: 138
Kentucky
I am trying to fill out Forms 1099-A for a customer who had more than one commercial loan. The loans were, for the most part, cross-collateralized using the same collateral. Does anyone know if it is acceptable to use the total value of the collateral and reference all the loan numbers on the form? I looked at the instructions and it did not give any direction for this situation.

Thanks
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#1887399 - 01/16/14 03:10 PM Re: 1099-A KYAuditor
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,617
Galveston, TX
Are you filing more than one form???

The account number is required if you have multiple accounts for a borrower for whom you are filing more than one Form 1099-A.
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#1887556 - 01/16/14 05:27 PM Re: 1099-A KYAuditor
Cowboys Fan Online
Power Poster
Joined: Dec 2002
Posts: 4,598
SC
We attended a webinar last month and this same question was asked. Here's what we were told:
1099-A: Cross Collateralized property complete one form per property. You aggregate all of the debt covered by the property on the one form.
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#1887632 - 01/16/14 07:01 PM Re: 1099-A Cowboys Fan
KYAuditor Offline
100 Club
KYAuditor
Joined: Jan 2003
Posts: 138
Kentucky
Thank you. I will only need to file one form.
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