Question on 1099S Hello,
Was hoping to get some feedback on my concern. I sold a real-estate property last March amounting $160K. This property had three names on the deed plus the lender. During closing, $130K went to pay off the rest of the loan which the check was sent to the lender. The remaining $30K was split in to the three checks and issued to names (A, B, C) for the amount of $14K, $13K, and $3K respectively.
This week I received the 1099S from the Attorney's office with the following amount for A, B, C - $80K, $64K, and $16K which happens to total $160K (the value of the house when it was sold back in March). I'm a little concern since if A, B, and C file their taxes respectively, they will be charged in taxes for the amount indicated in the 1099S which is obviously WAY more than what they received after closing. Shouldn't the 1099S reflect the amount issued on to the check on went to each fo the individuals?
Can anyone enlighten me as to who this would affect the way WE (A, B, C) file our taxes or do I need to contact the Attorney's accounting department to have them correct any mistakes? BTW, A & B were the primary owners of the real-estate, C was just a co-signer.
Any feedback is appreciated. |