Instructions For Form 1098 - 2006 Page 6
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27Statements to Payers of Record
government subsidy payments, seller payments, or prepaid
interest that does not meet the exception explained under
If you are required to file Form 1098, you must provide a
Prepaid Interest on page 1098-3. Interest includes prepayment
statement to the payer of record. For more information about
penalties and late charges unless the late charges are for a
the requirement to furnish a statement to the payer of record,
specific mortgage service.
see part M in the 2006 General Instructions for Forms 1099,
1098, 5498, and W-2G.
A cooperative housing corporation that receives any
TIP
cash part of a patronage dividend from the National
Recipient’s/Lender’s Name and Address Box
Consumer Cooperative Bank must reduce the interest to
Enter the name and address of the filer of Form 1098. Use this
be reported on each tenant-stockholder’s Form 1098 by a
same name and address on Form 1096.
proportionate amount of the cash payment in the year the
cooperative receives the cash payment. See Rev. Proc. 94-40,
Payer’s/Borrower’s Name and Address Box
1994-1 C.B. 711.
Enter the name and address of the person who paid the interest
Box 2. Points Paid on Purchase of Principal
(payer of record).
Residence
Be careful to enter the recipient’s and payer’s
TIP
Enter points paid on the purchase of the payer of record’s
information in the proper boxes.
principal residence. For an explanation of reportable points, see
Points on page 1098-2.
Account Number
Box 3. Refund of Overpaid Interest
The account number is required if you have multiple accounts
Enter the total refund or credit of a prior year(s) overpayment of
for a payer/borrower for whom you are filing more than one
interest. See Reimbursement of Overpaid Interest on page
Form 1098. Additionally, the IRS encourages you to designate
1098-3.
an account number for all Forms 1098 that you file. See part L
in the 2006 General Instructions for Forms 1099, 1098, 5498,
Box 4. Blank Box
and W-2G.
Enter any other item you wish to report to the payer, such as
Box 1. Mortgage Interest Received From
the address of the property that secures the debt, real estate
Payer(s)/Borrower(s)
taxes, insurance, or if you are a collection agent, the name of
the person for whom you collected the interest. This box is
Enter the interest (not including points) received on the
optional and is provided only for your convenience. You do not
mortgage from borrowers during the calendar year. Include
have to report to the IRS any information provided in this box.
interest on a mortgage, a home equity loan, or a line of credit or
credit card loan secured by real property. Do not include
1098-4
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