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Sending 1098s
Answer by Randy Carey, BOL Guru
Guru Bio
Question: Are we required to send 1098s on anything other than personal residence?
Answer: The term mortgage interest is quite broad. From the instructions:
Mortgage Defined:
A mortgage is any obligation secured by real property. Real property is land and generally anything built on it, growing on it, or attached to the land. Among other things, real property includes a manufactured home or mobile home with a minimum living space of 400 square feet and a minimum width of more than 102 inches and which is of a kind customarily used at a fixed location. See section 25(e)(10). If property that secures the loan is not real property, you are not required to file Form 1098. However, the borrower may be entitled to a deduction for qualified residence interest, such as may be the case for a boat, which has sleeping space and cooking and toilet facilities, that the borrower uses as a home.
First published on BankersOnline.com 4/28/08
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