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#151255 - 01/17/04 04:01 AM 1098 & Real property
Anonymous
Unregistered

On filing 1098s on mortgage interest, I noted that 'real property' is defined as 'land and generally anything built on it, growing on it, or attached to the land.' Would this mean that a loan on raw land is not subject to 1098 reporting? Your help would be very much appreciated.

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#151256 - 01/17/04 11:39 AM Re: 1098 & Real property
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Real property is "dirt;" a loan on unimproved real estate is definitely subject to 1098 reporting. Even an interest in real property, ranging from mineral rights to air space, is real property and, if used as collateral for a loan, generates 1098 reporting. (Mobile homes above a certain size are also considered real property, regardless of whether they are affixed or even sit on real estate belonging to a third party.)
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