Cases: Pemberton v. Nationstar Mortg. LLC, 331 F. Supp. 3d 1018 (S.D. Cal. 2018); Peaslee v. Brown (D. Me. 2024)
Forms: Form 1098; Form 1096; Form W-9
Final rules 5
(a) Mortgage interest of $600 or more Any person—
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(1) who is engaged in a trade or business, and
(2) who, in the course of such trade or business, receives from any individual interest aggregating $600 or more for any calendar year on any mortgage,
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shall make the return described in subsection (b) with respect to each individual from whom such interest was received at such time as the Secretary may by regulations prescribe.
(b) Form and manner of returns A return is described in this subsection if such return—
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(1) is in such form as the Secretary may prescribe,
(2) contains—
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(A) the name and address of the individual from whom the interest described in subsection (a)(2) was received,
(B) the amount of such interest (other than points) received for the calendar year,
Amended 1989, 1996
- 1996 Pub. L. 104-188 Pub. L. 104–188 made technical amendment to directory language of Pub. L. 101–239, § 7646(b)(1). See 1989 Amendment note below.
- 1989 Pub. L. 101-239 Pub. L. 101–239, § 7646(b)(1), as amended by Pub. L. 104–188, inserted “(other than points)” after “such interest”.
(C) the amount of points on the mortgage received during the calendar year and whether such points were paid directly by the borrower,
Amended 1989
- 1989 Pub. L. 102-239 Pub. L. 102–239, § 7646(a), added subpar. (C) and redesignated former subpar. (C) as (D).
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(D) the amount of outstanding principal on the mortgage as of the beginning of such calendar year,
Amended 1989, 2015
- 2015 Pub. L. 114-41 Pub. L. 114–41, § 2003(a), added subpars. (D) to (F) and redesignated former subpar. (D) as (G).
- 1989 Pub. L. 102-239 Pub. L. 102–239, § 7646(a), added subpar. (C) and redesignated former subpar. (C) as (D).
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(E) the date of the origination of the mortgage,
Amended 2015
- 2015 Pub. L. 114-41 Pub. L. 114–41, § 2003(a), added subpars. (D) to (F) and redesignated former subpar. (D) as (G).
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(F) the address (or other description in the case of property without an address) of the property which secures the mortgage, and
Amended 2015
- 2015 Pub. L. 114-41 Pub. L. 114–41, § 2003(a), added subpars. (D) to (F) and redesignated former subpar. (D) as (G).
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(G) such other information as the Secretary may prescribe.
Amended 2015
- 2015 Pub. L. 114-41 Pub. L. 114–41, § 2003(a), added subpars. (D) to (F) and redesignated former subpar. (D) as (G).
(c) Application to governmental units For purposes of subsection (a)—
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(1) Treated as persons The term “person” includes any governmental unit (and any agency or instrumentality thereof).
(2) Special rules In the case of a governmental unit or any agency or instrumentality thereof—
(A) subsection (a) shall be applied without regard to the trade or business requirement contained therein, and
(B) any return required under subsection (a) shall be made by the officer or employee appropriately designated for the purpose of making such return.
(d) Statements to be furnished to individuals with respect to whom information is required Every person required to make a return under subsection (a) shall furnish to each individual whose name is required to be set forth in such return a written statement showing—
Amended 1986
- 1986 Pub. L. 99-514 Pub. L. 99–514, § 1501(c)(11), in amending subsec. (d) generally, substituted “information is required” for “information is furnished” in heading and, in text, substituted references to persons required to make a return for former references to persons making a return and references to persons whose name is required to be set forth for former references to persons whose name is set forth.
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(1) the name, address, and phone number of the information contact of the person required to make such return, and
Amended 1996
- 1996 Pub. L. 104-168 Pub. L. 104–168 substituted “name, address, and phone number of the information contact” for “name and address”.
(2) the aggregate amount of interest described in subsection (a)(2) (other than points) received by the person required to make such return from the individual to whom the statement is required to be furnished (and the information required under subparagraphs (C), (D), (E), and (F) of subsection (b)(2)).
Amended 1989, 2015
- 2015 Pub. L. 114-41 Pub. L. 114–41, § 2003(b), substituted “subparagraphs (C), (D), (E), and (F) of subsection (b)(2)” for “subsection (b)(2)(C)”.
- 1989 Pub. L. 102-239 Pub. L. 102–239, § 7646(b)(2), inserted “(other than points)” after “subsection (a)(2)” and “(and the information required under subsection (b)(2)(C))” after “to be furnished”.
The written statement required under the preceding sentence shall be furnished on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.
(e) Mortgage defined For purposes of this section, except as provided in regulations prescribed by the Secretary, the term “mortgage” means any obligation secured by real property.
(f) Returns which would be required to be made by 2 or more persons Except to the extent provided in regulations prescribed by the Secretary, in the case of interest received by any person on behalf of another person, only the person first receiving such interest shall be required to make the return under subsection (a).
(g) Special rules for cooperative housing corporations For purposes of subsection (a), an amount received by a cooperative housing corporation from a tenant-stockholder shall be deemed to be interest received on a mortgage in the course of a trade or business engaged in by such corporation, to the extent of the tenant-stockholder’s proportionate share of interest described in section 216(a)(2). Terms used in the preceding sentence shall have the same meanings as when used in section 216.
Amended 1986
- 1986 Pub. L. 99-514 Pub. L. 99–514, § 1811(a)(1), added subsec. (g).
(h) Returns relating to mortgage insurance premiums
Amended 2006
- 2006 Pub. L. 109-432 Pub. L. 109–432 added subsec. (h).
(1) In general The Secretary may prescribe, by regulations, that any person who, in the course of a trade or business, receives from any individual premiums for mortgage insurance aggregating $600 or more for any calendar year, shall make a return with respect to each such individual. Such return shall be in such form, shall be made at such time, and shall contain such information as the Secretary may prescribe.
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(2) Statement to be furnished to individuals with respect to whom information is required Every person required to make a return under paragraph (1) shall furnish to each individual with respect to whom a return is made a written statement showing such information as the Secretary may prescribe. Such written statement shall be furnished on or before January 31 of the year following the calendar year for which the return under paragraph (1) was required to be made.
(3) Special rules For purposes of this subsection—
(A) rules similar to the rules of subsection (c) shall apply, and
(B) the term “mortgage insurance” means—
(i) mortgage insurance provided by the Department of Veterans Affairs, the Federal Housing Administration, or the Rural Housing Service, and
Amended 2018
- 2018 Pub. L. 115-141 Pub. L. 115–141 substituted “Department of Veterans Affairs” for “Veterans Administration” and “Rural Housing Service” for “Rural Housing Administration”.
(ii) private mortgage insurance (as defined by section 2 of the Homeowners Protection Act of 1998 (12 U.S.C. 4901), as in effect on the date of the enactment of this subsection).