#### § 1.6050H-0 Table of contents.

This section lists the major captions that appear in §§ 1.6050H-1 and 1.6050H-2.

## § 1.6050H-1 Information reporting of mortgage interest received in a trade or business from an individual.

(a) Information reporting requirement.

(1) Overview.

(2) Reporting requirement.

(3) Optional reporting.

(b) Qualified mortgage.

(1) In general.

(2) Mortgage.

(i) In general.

(ii) Transitional rule for certain obligations existing on December 31, 1984.

(iii) Transitional rule for certain obligations existing on December 31, 1987.

(3) Payor of record.

(4) Lender of record.

(c) Interest recipient.

(1) Trade or business requirement.

(2) Interest received or collected on behalf of another person.

(i) General rule.

(ii) Exception.

(3) Interest received in the form of points.

(i) In general.

(ii) If designation agreement is in effect.

(4) Governmental unit.

(5) Examples.

(d) Additional rules.

(1) Reporting by foreign person.

(2) Reporting with respect to nonresident alien individual.

(i) In general.

(ii) Nonresident alien individual status.

(3) Reporting by cooperative housing corporations.

(e) Amount of interest received on mortgage for calendar year.

(1) In general.

(2) Calendar year.

(i) In general.

(ii) De minimis rule.

(iii) Applicability to points.

(3) Certain interest not received on mortgage.

(i) Interest received from seller on payor of record's mortgage.

(ii) Interest received from governmental unit.

(4) Interest calculated under Rule of 78s method of accounting.

(f) Points treated as interest.

(1) General rule.

(2) Limitations.

(3) Special rule.

(i) Amounts paid directly by payor of record.

(ii) Examples.

(4) Construction loans.

(i) In general.

(ii) Limitation on refinancing of construction loans.

(5) Amounts paid to mortgage brokers.

(6) Effect on deduction of points.

(g) Effective date.

(1) In general.

(2) Points.

## § 1.6050H-2 Time, form, and manner of reporting interest received on qualified mortgage.

(a) Requirement to file return.

(1) Form of return.

(2) Information included on return.

(3) Reimbursements of interest on a qualified mortgage.

(4) Time and place for filing return.

(5) Use of magnetic media.

(b) Requirement to furnish statement.

(1) In general.

(2) Information included on statement.

(3) Statement furnished pursuant to Federal mortgage program.

(4) Copy of Form 1098 to payor of record.

(5) Furnishing statement with other information reports.

(6) Time and place for furnishing statement.

(c) Notice requirement for use of Rule of 78s method of accounting.

(1) In general.

(2) Time and manner.

(d) Reporting under designation agreement.

(1) In general.

(2) Qualified person.

(3) Designation agreement.

(4) Penalties.

(e) Penalty provisions.

(1) Returns and statements the due date for which (determined without regard for extensions) is after December 31, 1987, and before December 31, 1989.

(i) Failure to file return or to furnish statement.

(ii) Failure to furnish TIN.

(iii) Failure to include correct information.

(2) Returns and statements the due date for which (determined without regard for extensions) is after December 31, 1989.

(i) Failure to file return or to furnish statement.

(ii) Failure to furnish TIN.

(iii) Failure to include correct information.

(f) Requirement to request and to obtain TIN.

(1) In general.

(2) Manner of requesting TIN.

(g) Effective date.

(1) In general.

(2) Points.

[T.D. 8571, 59 FR 63250, Dec. 8, 1994]