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Is it legal to file a form 1099-OID to the IRS to receive a refund equal to your home loan principal less the 30 percent tax deduction?
????? You have no idea of what your talking about do you? The report you suggest could only INCREASE your taxable income..it couldn't be filed by both the issuer and recepient (impossible)...and would simply be easily detected as criminal fraud if it was. OID on a home loan...how? If possible, to the issuer of the OID a deduction, to the recipient, income...but impossible in that situation anyway.
Remember the reverse side of any 1099 deduction is the income shown by the receiving side.
Ahh, the elusive 1099-OID if you are going to ask questions about these forms go to the IRS look up publications 1212, 550, and IRC 1271-1275. Don't take any ones word about these, most people have no idea what they are used for. You need to understand what you are doing an OID for, if its for the loan then no you can't it is not a debt payment option. If you are performing an OID on something else then you need to know what you are doing. You should also have an understanding of how our banking system works and review the UCC. You need to understand just what you are trying to accomplish by using a 1099-OID for a loan regarding a mortgage. Also, i have not found any where that 1099-OID is taxable income or that only banks can file them. If anyone can point out the page and publication put out by the IRS that says different please post.
What else can I help you with?
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You can still get a tax deduction for the donation of your old car. You will receive a deduction that equals the actual fair market value of the vehicle, and you cannot automatically receive the maximum allowance.
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Can grandparents receive a tax deduction for contributing to college expenses?
No, grandparents cannot receive a tax deduction for contributing to college expenses unless they are the legal guardians of the student.
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A child provides a deduction. You don't 'receive' anything.
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You don't really receive anything except maybe a deduction in your paycheck. If you should die, your beneficiary would receive the death benefits proceeds. 4LifeGuild
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If you donate your car to a charity you are eligible to receive a ta credit.
How do you make sentence using the word receive?
I received a prize from my school principal.
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