Attention Equity Trust Clients: Important Form 1098 Mortgage Interest Reporting Information
If your IRA holds a real estate mortgage from an INDIVIDUAL (not corporation) and receives interest of $600.00 or more during any calendar year, IRS Form 1098 is required to be filed with the Internal Revenue Service to report this interest. If the mortgage is serviced through a collection escrow company, OR, if you are going to prepare your own1098(s), it is not necessary to respond to this notice. NOTE: Equity Trust Company is an IRA Custodian and not a mortgage servicer.
If you want Equity Trust to prepare the 1098(s), you should send the following to:
Equity Trust Company Attn: 1098 reporting
1) A check for $25.00 (if no check is received, we will debit your cash account; if no funds are available, your
request will not be processed).
2) Name, address and social security number of the mortgagee.
3) The amount of interest paid during the year of 2007.
All requests must be received by Equity Trust Company prior to January 15, 2007 to ensure timely processing. Additionally, unless all the necessary information is received, we cannot process your request. Equity Trust relies upon the information submitted by you and does not verify or attest to the accuracy of your 1098 reporting. Please contact your tax advisor for further information concerning 1098 reporting.