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USC Title 26 enacted through 2008

§ 6050H. Returns relating to mortgage interest received in trade or business from individuals

 
(a)
Mortgage interest of $600 or more
 
Any person -
 
(1)
who is engaged in a trade or business, and
 
(2)
who, in the course of such trade or business, receives from any individual interest aggregating $600 or more for any calendar year on any mortgage,
 
shall make the return described in subsection (b) with respect to each individual from whom such interest was received at such time as the Secretary may by regulations prescribe.
 
(b)
Form and manner of returns
 
A return is described in this subsection if such return -
 
(1)
is in such form as the Secretary may prescribe,
 
(2)
contains -
 
(A)
the name and address of the individual from whom the interest described in subsection (a)(2) was received,
 
(B)
the amount of such interest (other than points) received for the calendar year,
 
(C)
the amount of points on the mortgage received during the calendar year and whether such points were paid directly by the borrower, and
 
(D)
such other information as the Secretary may prescribe.
 
(c)
Application to governmental units
 
For purposes of subsection (a) -
 
(1)
Treated as persons
 
The term "person" includes any governmental unit (and any agency or instrumentality thereof).
 
(2)
Special rules
 
In the case of a governmental unit or any agency or instrumentality thereof -
 
(A)
subsection (a) shall be applied without regard to the trade or business requirement contained therein, and
 
(B)
any return required under subsection (a) shall be made by the officer or employee appropriately designated for the purpose of making such return.
 
(d)
Statements to be furnished to individuals with respect to whom information is required
 
Every person required to make a return under subsection (a) shall furnish to each individual whose name is required to be set forth in such return a written statement showing -
 
(1)
the name, address, and phone number of the information contact of the person required to make such return, and
 
(2)
the aggregate amount of interest described in subsection (a)(2) (other than points) received by the person required to make such return from the individual to whom the statement is required to be furnished (and the information required under subsection (b)(2)(C)).
 
The written statement required under the preceding sentence shall be furnished on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.
 
(e)
Mortgage defined
 
For purposes of this section, except as provided in regulations prescribed by the Secretary, the term "mortgage" means any obligation secured by real property.
 
(f)
Returns which would be required to be made by 2 or more persons
 
Except to the extent provided in regulations prescribed by the Secretary, in the case of interest received by any person on behalf of another person, only the person first receiving such interest shall be required to make the return under subsection (a).
 
(g)
Special rules for cooperative housing corporations
 
For purposes of subsection (a), an amount received by a cooperative housing corporation from a tenant-stockholder shall be deemed to be interest received on a mortgage in the course of a trade or business engaged in by such corporation, to the extent of the tenant-stockholder's proportionate share of interest described in section 216(a)(2). Terms used in the preceding sentence shall have the same meanings as when used in section 216.
 
(h)
Returns relating to mortgage insurance premiums
 
(1)
In general
 
The Secretary may prescribe, by regulations, that any person who, in the course of a trade or business, receives from any individual premiums for mortgage insurance aggregating $600 or more for any calendar year, shall make a return with respect to each such individual. Such return shall be in such form, shall be made at such time, and shall contain such information as the Secretary may prescribe.
 
(2)
Statement to be furnished to individuals with respect to whom information is required
 
Every person required to make a return under paragraph (1) shall furnish to each individual with respect to whom a return is made a written statement showing such information as the Secretary may prescribe. Such written statement shall be furnished on or before January 31 of the year following the calendar year for which the return under paragraph (1) was required to be made.
 
(3)
Special rules
 
For purposes of this subsection -
 
(A)
rules similar to the rules of subsection (c) shall apply, and
 
(B)
the term "mortgage insurance" means -
 
(i)
mortgage insurance provided by the Veterans Administration, the Federal Housing Administration, or the Rural Housing Administration, and
 
(ii)
private mortgage insurance (as defined by section 2 of the Homeowners Protection Act of 1998 (12 U.S.C. 4901), as in effect on the date of the enactment of this subsection).








Tax Code (Internal Revenue Code) Section Index


U.S. GAAP by Codification Topic
 
105 GAAP Hierarchy
105 GAAP History

205 Presentation of Financial Statements
205-20 Discontinued Operations
210 Balance Sheet
210-20 Offsetting
220 Comprehensive Income
225 Income Statement
225-20 Extraordinary and Unusual Items
230 Statement of Cash Flows
250 Accounting Changes and Error Corrections
260 Earnings per Share
270 Interim Reporting

310 Impairment of a Loan
320 Investment Securities
320 Other-Than-Temporary Impairments, FSP FAS 115-2
320-10-05 Overview of Investments in Other Entities
320-10-35 Reclassification of Investments in Securities
323-10 Equity Method Investments
323-30 Investments in Partnerships and Joint Ventures
325-20 Cost Method Investments
330 Inventory

340-20 Capitalized Advertising Costs
350-20 Goodwill
350-30 Intangibles Other than Goodwill
350-40 Internal-Use Software
350-50 Website Development Costs
360 Property, Plant and Equipment
360-20 Real Estate Sales

410 Asset Retirement and Environmental Obligations
420 Exit or Disposal Cost Obligations
450 Contingencies
450-20 Loss Contingencies
450-30 Gain Contingencies
480 Redeemable Financial Instruments

505-20 Stock Dividends, Stock Splits
505-30 Treasury Stock

605 SEC Staff Accounting Bulletin, Topic 13
605-25 Revenue Recognition - Multiple Element Arrangements

715-30 Defined Benefit Plans - Pension
718 Share-Based Payment
730 Research and Development
730-20 Research and Development Arrangements

805 Business Combinations
810 Consolidation
810 Noncontrolling Interests
810 Consolidation of Variable Interest Entities, SFAS 167

815 Derivatives and Hedging Overview

820 Fair Value Measurements
820 Fair value when the markets are not active, FSP FAS 157-4
825 Fair Value Option

830 Foreign Currency Matters
830-20 Foreign Currency Transactions
830-30 Translation of Financial Statements
835 Interest
835-20 Capitalization of Interest
835-30 Imputation of Interest

840 Leases
840-20 Operating Leases
840-30 Capital Leases
840-40 Sale-Leaseback Transactions
845 Nonmonetary Transactions

855 Subsequent Events
860-20 Sale of Financial Assets, SFAS 166
860-50 Servicing Assets and Liabilities, SFAS 156

985-20 Costs of software to be sold


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Tax Code (Internal Revenue Code) Section Index




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