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Loan Fee Discount Coupons - Provide a 1099?

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Question: 
If our bank is offering coupons for loan fees discounts, what type, if applicable, of disclosure is necessary, and do we need to provide a 1099 for tax purposes? The amount that we are speaking of is valued at over $10.
Answer: 

Waivers of internal bank fees are not considered income of any kind under the IRS reporting rules.

First published on BankersOnline.com 4/26/10

First published on 04/26/2010

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