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Recently the IRS changed the 1098 reporting rules. We have a couple of questions –
1. When do we have to comply with the new address rules? (We think it is for the year 2016, but want to confirm)
2. Are any other banks sending 1098s on ALL “Dirt” Loans?
If so, how many banks?
And is this an acceptable practice?Thank you!
1. Yes, the new rules apply to returns required to be made, and statements required
to be furnished, after December 31, 2016.2. You are required to send/file 1098s when you receive $600 or more of
mortgage interest, from an individual, on any one mortgage during the calendar year. A mortgage is any obligation secured by real property. And real property is land and generally anything built on it, growing on it, or attached to the land.I’d encourage you to consult an attorney or CPA for specific information on your FI’s requirements.
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