1099-A

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.
Posted By: Cowboys Fan

Re: 1099-A - 01/16/14 05:27 PM

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.