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Accounting-Reason for a different social on short sale 1099?
An LLC holding a property was force forclosed on by a member who repurchased it at the foreclosure auction in his personal name subject to the mtg which remained in the LLC name. The mtg was in the LLC nname but he and 2 others also personally guaranteed it. He made 1 pmt and bank accelerated 3 months later learning of the sale. The LLC was dissolved in the previous forced forceclosure order.
He did a short sale in his personal name, which the title of the property was now in. When the 1099 arrived it was in the LLC 's name and had a social security number unrelated to anyone so someone else picked up the taxes. Can you give any explanation of what could have happened? |
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