Are banks required to issue 1098s for Land Loans closed during 2001?

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Question:

Are banks required to issue 1098s for Land Loans closed during 2001; if yes, where can I find the citation.

Answer:

Yes, if the loan is to an individual, is secured by real estate and payments exceeding the reporting thresholds; e.g. $600 in interest, are received, the loan is reportable.

See: http://ftp.fedworld.gov/pub/irs-pdf/i1098.pdf

First published on BankersOnline.com 2/11/02