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§ 6050H. Returns relating to mortgage interest received in trade or business from individuals
(a)
Mortgage interest of $600 or more
Any person—
(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—
(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).
(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.
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