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Report Interest Paid on RE Escrow Accts. to IRS?

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Question: 
We are a commercial bank in New York. Do we need to report interest that is paid on our real estate escrow accounts to the IRS?
Answer: 

Being in New York has no bearing on your reporting requirements under IRS rules. Not knowing specifically what you mean by a real estate escrow accounts, but assuming it involves escrow accounts held for mortgages, it depends on what type of customer you are talking about. I recommend you refer to the instructions:

https://www.irs.gov/pub/irs-pdf/i1099int.pdf

First published on 03/03/2019

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