Too Many 1099-A

[Room303]

What is the name of your state (only U.S. law)? Florida

Can anyone help with this question?
I received two 1099-A statements from the same lender. This is for a foreclosed home I lost in 2007. The lender had purchased the home in the foreclosure sale then sent me a 1099-A for tax year 2007. The 1099-A said;

Box 2 $230,000 Balance Outstanding
Box 4 $239,000 Fair Market value of property
Box 5 NO - Buyer was not liable for repayment of the debt

Now I just received another 1099-A this time for tax year 2008 from the same lender that says;

Box 2 $230,000 Balance Outstanding
Box 4 $216,000 Fair Market value of property
Box 5 YES - Buyer is liable for repayment of the debt

Is this right? Can they keep sending me 1099-A's year after year?

[LdiJ]

Originally Posted by Room303

What is the name of your state (only U.S. law)? Florida

Can anyone help with this question?
I received two 1099-A statements from the same lender. This is for a foreclosed home I lost in 2007. The lender had purchased the home in the foreclosure sale then sent me a 1099-A for tax year 2007. The 1099-A said;

Box 2 $230,000 Balance Outstanding
Box 4 $239,000 Fair Market value of property
Box 5 NO - Buyer was not liable for repayment of the debt

Now I just received another 1099-A this time for tax year 2008 from the same lender that says;

Box 2 $230,000 Balance Outstanding
Box 4 $216,000 Fair Market value of property
Box 5 YES - Buyer is liable for repayment of the debt

Is this right? Can they keep sending me 1099-A's year after year?

I honestly don't know the answer to that question. I would think not. However that might be more of a banking or real estate question than a tax question. I have honestly never seen that happen therefore I have had no cause to research the matter.

[tranquility]

What was the date of the foreclosure? Did you ever refinance any portion of the debt or take out an additional loan against the property?

[Room303]

Originally Posted by tranquility

What was the date of the foreclosure? Did you ever refinance any portion of the debt or take out an additional loan against the property?

Foreclosure date was November 2007 and I received the first 1099-A in January 2008 on the 2007 tax form. The second 1099-A I received in January 2009 on the 2008 tax form.
This was from the original lender, no refinance or secondary loans on this home. FYI, I checked online at the city appraisers website and it says the lender resold the home in June 2008 for $230,000.

[LdiJ]

Originally Posted by Room303

Foreclosure date was November 2007 and I received the first 1099-A in January 2008 on the 2007 tax form. The second 1099-A I received in January 2009 on the 2008 tax form.
This was from the original lender, no refinance or secondary loans on this home. FYI, I checked online at the city appraisers website and it says the lender resold the home in June 2008 for $230,000.

It would have made sense if they had sent you a 1099A in January 2008, and then a 1099C (reflecting the actual sale of the home in 2008) in January 2009.

Have you tried to contact the lender for an explanation?

[tranquility]

I agree with LdiJ. While I could have formulated other ways to get the two 1099, with these facts I can't. Call the guys or write a letter.

[Room303]

I called the IRS today and they said only one 1099-A was permissible per each property. They also advised that I write to the lender and ask them to correct the problem. Thank you for your response.