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IRS 1098- Ownership of Property

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The IRS 1098 reporting instructions do not address the ownership of the real property subject to a loan and are we required to report for commercial loans too? Assuming all the conditions are met for a commercial real estate loan (borrower is an individual, payer is an individual, and the interest paid is over $600), should we really ignore the ownership of the property? We have a case in which the real property is owned by an affiliate business entity which is an LLC.

The payer of record is the individual carried on your books and records as the principal borrower.

Deductibility is the taxpayer's issue - you just report.

First published on 12/01/2019

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