Abandoned Property Regs

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Question:

When we have a deceased customer with sole ownership of an interest bearing account and are unable to locate the administrator or executor and have to hold the account in accordance with the State's abandoned property regulations, do we continue to report interest income on form 1099-INT in the name and social security number of the deceased individual?

Answer:

Yes, you have no other option.

First published on BankersOnline.com 12/17/07