The IRS Publication on Form 1098 is very vague. Should the bank be sending out a 1098 for mortgage interest on rental property that is financed? John Doe financed a rent house and now rents to Frank Doe. Does the bank need to send John Doe the interest paid on a 1098 form at year end?
by Regional Examiner Jeff Bagby, Oklahoma State Banking Department
Can an IRA CD be used as collateral for a loan?
What documents are required for our loan files when we do a loan for a Limited Liability Company or a Limited Liability Partnership? Are these considered corporations? Do you have a check list to go by?
What is the regulation on reporting interest on commercial real estate loans? And should we send a 1098 to all borrowers or a year end history of interest paid?
How long should we retain the documents on a charged off loan, and when can it be deemed worthless? What needs to be done when it is deemed worthless?
At a grand opening or moving project, we would like to use a prize wheel. The prize wheel would only have items that range in value from $1.00 to $25.00. The $25 items obviously being the single panel on the wheel. If anyone who spins the wheel is guaranteed some specialty object or prize, can we use it at an event? In other words, there would be no “Lose Turn” or “Bankrupt” as seen on TV. Prize wheel gifts will be changed on a regular basis. And, in order to be able to spin the wheel you have to bring in the direct mail piece. No account existing or new account is necessary in order to participate. Is this a problem?
We have a large borrower who has loans with R/E and cattle. We have received a IRS levy. Is there any way that the levy can come prior to our liens?
Is it possible to link overdraft protection on a Business DDA account with automatic transfers instead of establishing a separate business line of credit with fund transfers?
Can an IRA be used as collateral for a loan?