Internal Revenue Code:Sec. 6050H. Returns relating to mortgage interest received in trade or business from individuals

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Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle F - Procedure and Administration
       CHAPTER 61 - INFORMATION AND RETURNS
        Subchapter A - Returns and Records
         PART III - INFORMATION RETURNS
          Subpart B - Information Concerning Transactions With Other Persons
        

Statute

    Sec. 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).
 

Sources

    (Added Pub. L. 98-369, div.  A, title I, Sec. 145(a), July 18,
    1984, 98 Stat. 684; amended Pub. L. 99-514, title XV, Sec.
    1501(c)(11), title XVIII, Sec. 1811(a)(1), Oct. 22, 1986, 100 Stat.
    2739, 2832; Pub. L. 101-239, title VII, Sec. 7646(a), (b), Dec. 19,
    1989, 103 Stat. 2382; Pub. L. 104-168, title XII, Sec. 1201(a)(8),
    July 30, 1996, 110 Stat. 1469; Pub. L. 104-188, title I, Sec.
    1704(t)(23), Aug. 20, 1996, 110 Stat. 1888.)
 

Miscellaneous

                                 AMENDMENTS

2006 - Tax Relief and Health Care Act of 2006 (P.L. 109-432)
Section 419(c) Information Returns Relating to Mortgage Insurance.--Section 
6050H <<NOTE: 26 USC 6050H.>> (relating to returns relating to mortgage 
interest received in trade or business from individuals) is amended by 
adding at the end the following new subsection:
    ``(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).''.

      1996 - Subsec. (b)(2)(B). Pub. L. 104-188 made technical
    amendment to directory language of Pub. L. 101-239, Sec.
    7646(b)(1). See 1989 Amendment note below.
      Subsec. (d)(1). Pub. L. 104-168 substituted ''name, address, and
    phone number of the information contact'' for ''name and address''.
      1989 - Subsec. (b)(2)(B). Pub. L. 101-239, Sec. 7646(b)(1), as
    amended by Pub. L. 104-188, inserted ''(other than points)'' after
    ''such interest''.
      Subsec. (b)(2)(C), (D). Pub. L. 102-239, Sec. 7646(a), added
    subpar. (C) and redesignated former subpar. (C) as (D).
      Subsec. (d)(2). Pub. L. 102-239, Sec. 7646(b)(2), inserted
    ''(other than points)'' after ''subsection (a)(2)'' and ''(and the
    information required under subsection (b)(2)(C))'' after ''to be
    furnished''.
      1986 - Subsec. (d). Pub. L. 99-514, Sec. 1501(c)(11), in amending
    subsec. (d) generally, substituted ''information is required'' for
    ''information is furnished'' in heading and, in text, substituted
    references to persons required to make a return for former
    references to persons making a return and references to persons
    whose name is required to be set forth for former references to
    persons whose name is set forth.
      Subsec. (g). Pub. L. 99-514, Sec. 1811(a)(1), added subsec. (g).
                      EFFECTIVE DATE OF 1996 AMENDMENT
      Amendment by Pub. L. 104-168 applicable to statements required to
    be furnished after Dec. 31, 1996 (determined without regard to any
    extension), see section 1201(b) of Pub. L. 104-168, set out as a
    note under section 6041 of this title.
                      EFFECTIVE DATE OF 1989 AMENDMENT
      Section 7646(c) of Pub. L. 101-239 provided that: ''The
    amendments made by this section (amending this section) shall apply
    to returns and statements the due date for which (determined
    without regard to extensions) is after December 31, 1991.''
                      EFFECTIVE DATE OF 1986 AMENDMENT
      Amendment by section 1501(c)(11) of Pub. L. 99-514 applicable to
    returns the due date for which (determined without regard to
    extensions) is after Dec. 31, 1986, see section 1501(e) of Pub. L.
    99-514, set out as an Effective Date note under section 6721 of
    this title.
      Amendment by section 1811(a)(1) of Pub. L. 99-514 effective,
    except as otherwise provided, as if included in the provisions of
    the Tax Reform Act of 1984, Pub. L. 98-369, div.  A, to which such
    amendment relates, see section 1881 of Pub. L. 99-514, set out as a
    note under section 48 of this title.
                               EFFECTIVE DATE
      Section 145(d) of Pub. L. 98-369, as amended by Pub. L. 99-514,
    Sec. 2, title XVIII, Sec. 1811(a)(2), Oct. 22, 1986, 100 Stat.
    2095, 2832, provided that:
      ''(1) In general. - Except as provided in paragraph (2), the
    amendments made by this section (enacting this section and amending
    sections 6652 and 6678 of this title) shall apply to amounts
    received after December 31, 1984.
      ''(2) Special rule for obligations in existence on december 31,
    1984. - In the case of any obligation in existence on December 31,
    1984, no penalty shall be imposed under section 6676 of the
    Internal Revenue Code of 1986 (formerly I.R.C. 1954) by reason of
    the amendments made by this section on any failure to supply a
    taxpayer identification number with respect to amounts received
    before January 1, 1986.''
             PLAN AMENDMENTS NOT REQUIRED UNTIL JANUARY 1, 1989
      For provisions directing that if any amendments made by subtitle
    A or subtitle C of title XI (Sec. 1101-1147 and 1171-1177) or title
    XVIII (Sec. 1800-1899A) of Pub. L. 99-514 require an amendment to
    any plan, such plan amendment shall not be required to be made
    before the first plan year beginning on or after Jan. 1, 1989, see
    section 1140 of Pub. L. 99-514, as amended, set out as a note under
    section 401 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 6721, 6722, 6724 of this
    title.