1098: Personal loan, business property collateral

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1098: Personal loan, business property collateral
Answer by Ken Golliher, BOL Guru
BIO AND CONTACT INFO

Question: If an individual has a loan secured by business real estate as collateral instead of personal real estate, would the bank be required to send a 1098 and report the interest?

Answer: If a loan to an individual is secured by real estate, it is generally subject to 1098 reporting. The purpose of the loan or the use to which the collateral is put, business or personal, is irrelevant.

First published on BankersOnline.com 3/24/03

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