Posted By: KYAuditor
1099-A - 01/16/14 02:41 PM
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
Posted By: rlcarey
Re: 1099-A - 01/16/14 03:10 PM
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.
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.
Posted By: KYAuditor
Re: 1099-A - 01/16/14 07:01 PM
Thank you. I will only need to file one form.