Posted by Jon Richards on January 14, 2003 at 21:05:10:
You certainly do. The transmittal form is #1096.
Jon Richards
NoteWorthy Newsletter
415 824 1864
IRS Form 1098 - Posted by daveh
Posted by daveh on January 14, 2003 at 09:04:58:
I received more than $600 interest on a couple L/C’ I have. I know I need to give the payor a 1098 form. Do I also need to file a copy with the IRS ??
Re: IRS Form 1098 - Posted by Thomas K. Standen
Posted by Thomas K. Standen on January 16, 2003 at 17:36:51:
Below is copied from IRS
Mortgage Interest Statement
Instructions for
Forms 1099, 1098,
5498, and W-2G.
Instructions for Payer/Borrower
A person (including a financial institution, a governmental unit, and a cooperative housing corporation) who is engaged in a trade or business and, in the course of such trade or business, received from you at least $600 of mortgage interest (including certain points) on any one mortgage in the calendar year must furnish this statement to you. If you received this statement as the payer of record on a mortgage on which there are other borrowers, please furnish each of the other borrowers with information about the proper distribution of amounts reported on this form. Each borrower is entitled to deduct only the amount he or she paid and points paid by the seller that represent his or her share of the amount allowable as a deduction for mortgage interest and points.
Thomas K. Standen
North American Loan Servicing