Answer:
Waivers of internal bank fees are not considered income of any kind under the IRS reporting rules.
First published on BankersOnline.com 4/26/10
Loan Fee Discount Coupons - Provide a 1099?
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Question:
If our bank is offering coupons for loan fees discounts, what type, if applicable, of disclosure is necessary, and do we need to provide a 1099 for tax purposes? The amount that we are speaking of is valued at over $10.
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