Edward Posted January 13, 2008 Report Share Posted January 13, 2008 Client received 2250.00 interest in 2007 on an installment sale of rental unit. Is there a need for creation of a 1099-INT for this, and if so, who has responsibility for such? Bear in mind that the recipients Sch B contains full name, SSAN, address and amount received. I feel that there is no requirement for a 1099-INT in this isntance. Any comments would be appreciated. Thanks Edward Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted January 13, 2008 Report Share Posted January 13, 2008 Why would you not want to cover all bases by preparing a 1099 for this interest? It just takes a few seconds, and it is what they are supposed to do. And it reduces the chances of a mismatch of interest reported, which can lead to your client getting a letter from the IRS and getting upset. And then you have to answer the letter, etc. Do the 1099. Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted January 13, 2008 Report Share Posted January 13, 2008 See the instructions to Form 1099-INT... Quote Link to comment Share on other sites More sharing options...
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