Sandra wrote: I had my first christopher hauser 1099A success. I ordered insurance on 4 little houses I have as rentals. I asked for a quote. When I got in the mail, I wrote "accepted" and I dated it and turned over and endorsed it like a check. I then wrote a letter and instructed them that they needed to complete whatever form of invoice they needed to create and sent them a 1099A with instructions how to sent in the 1099OID, 1096, and 1040V. I waited 5 weeks and got a call from the insurance company that they were coming out to take pictures. 2 weeks later I got the policy in the mail with $1469 as the years amount and up at the top it said amount due NONE under that it said to be paid by mortgagee. Wahoo. 2 more are at the treasury to be paid and the other 5 refused to send in the forms. seems i need to conditional accept them.
2 Answers
In what state was that? I talked to my statefarm and they would love to talk to that statefarm agency about it. This is the first time they hear that as I also wanted them to take the coupon as payment.
My flag flew red when I read rentals. Not very beneficial in a business sense? However I did just jump on this wagon a few weeks ago...........apologies for the ignorance if not ignored?
update
Thank you Mike, Jeremy and Admin, for real.
As I read threw every comment on every thread on this site I keep taking sides. Those commenting on not enough info to verify anything and then the admin stating this is not a tutorial on the subject just results of the process. And now as I reread this post and then Mike & Jeremy’s response I’ll say this.
Yes this is free info for the masses to learn. But what this post teaches is the process doesn't work. Her "successful one out of eight thus far" is being paid by the Lender "mortgagee" (and I had to look it up to be sure). Next is the "2 more at the Treasury to be paid". We can imagine two things, they were processed as she intended or as the first one was processed. Logic dictates a completed process is the process and the 1 out of 8 that is complete was not completed as intended, literally the opposite. Then the Admin comment to Jeremy is contradicting the orig Admin post of “said to be paid by mortgagee” and then “she clearly states…..there is nothing to be paid by mortgagee”.
My intent is not to be negative or a cause for disruption. We have way to much of that in our life. And I do believe the intent of most parties involved in this website are positive. I definitely would not have the Admins patents that’s for damn sure. However intent is never enough. Much more care is to be put into whats made free and simply shared if care is truly a factor. Our intent doesn't always have the desired out come, believe it or not more than less the out come is not the result we had in mind. And yet I’m still typing this shit knowing this as fact…..so.
The Take Away I Took is…..
Admin….., Your work is that, work, and very much appreciated, so triple proof your shit and then proof it again, so your time and efforts are not wasted. We love ya!
Commentators……, quit being a dick, a rebuttal to the fact must be pointed out if it is in fact not, but only with grace and gratitude if a positive result is to be expected.
LIFE’S HARD, WORK HARDER ON MAKING IT EASIER
And LAUGH DAILY, INCLUDING AT YOURSELF.
My red flag went up too, as it seems that she is using her Cestui que trust for business dealings when it’s supposed to be used for personal living expenses only. Am I wrong in thinking this?
YES I BELIEVE THAT INSURANCE CAN BE PAID WITH A 1099-A. UNDER THE ESSENTIAL RULE SINGLE FAMILY HOME W GUEST COTTAGE (NOT MULTIPLE RENTALS) YOU CAN ALSO UTILIZE A 1099-A ON A WORKING FARM FOR ESSENTIAL PURPOSES EQUIPMENT REPAIRS FENCING AND OTHER IMPORTANT ESSENTIAL THE BENEFICIARY ARE IN NEED OF (CORRECT ME IF I'M WRONG PLEASE)
What insurance company did she use?
Statefarm
What address did you send the 1099A to? All of my insurance is with SF.
You probably want to talk to them and get your insurance agent to accept to fill out and submit the forms (as a trustee)
I've heard a lot of people state, especially in the TG group, that you can't use a 1099a for insurance (whole life, with a cash value/dividends; health insurance with a health savings account). Or is this different, because it's insurance on houses?
This sounds like a combo coupon+1099a.
This tells me you did not get the insurance by 1099A. " to be paid by mortgagee " It tells me that the mortgage company will pay the bill through its insurance and property tax escrow collections. That is normal with mortgages. If you truly got it by 1099A, then the mortgagee would not be paying for it.
Jeremy, perhaps you need to read more carefully and understand what you read. We have spoken to the subject and this success story to double check. And she clearly states that because the insurance was paid then it was now reported that there was nothing to be paid by the mortgagee. Also she stated that she had success with one, awaiting results for 2 and 5 others refused this means of payment.
Jeremy, the mortgage company would be the "mortgagor" as she would be the mortgagee...