incorrect 1099

[c10263]

In 2009 I sold property along with 9 other people. The total sale amount of the property was 1,200,000. This amount was split between the 10 sellers. The lawyers office that did the settlement said they would be sending me a 1099, they never did. Now 2 years later I receive a notice from the IRS stating that they received a 1099 issued to me from this lawyers office for the full amount of the sale. When I contacted the lawyers office to find out why they did not issue seperate 1099's to the individual sellers they said their system could not do that so they had to issue it to one person. When I asked why I never received a copy of the 1099 they could not give me an answer. I asked them to send me a corrected 1099 but they said they could not do that. I have sent the IRS a copy of the settlement statement and division of proceeds but they are asking for each individuals social security number and I do not have and cannot get this information. I have contacted the lawyers office again to get them to help but they will not return my phone calls. What can I do?

 

[wayneparsons]

Simplest Way To Handle

We can do this the simple way or the hard way. The simple way:
Determine the cost or adjusted cost basis of the property; get a copy of the settlement statement for the sale of property for 1.2 mill.; Gather the names of the other distributee's and social secuity numbers, (if youi can get them); Take this information along with the telephone number to the law firm and the tax notice to a good CPA. Any questions, call 972-839-0456