Navigation:  Loan Screens > Account Information Screen Group > Additional Loan Fields Screen > Origination/Maturity tab > Report Original Loan Fees to IRS?

Entry: System, checkbox

F/M: Yes

Mnemonic: LNFIRS

Screen: Loans > Account Information > Additional Loan Fields > Origination/Maturity tab

 

This field allows you to designate that the Original Loan Fees amount should be reported on the borrower 1098 IRS form at year-end. If not checked (default), no fees will be reported. If checked, the Original Loan Fees will be reported on the 1098 at year-end. The fees will be only reported for the tax year in which the loan was opened. This field is not used for reporting broker information.