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Information Collection Request

REPORTING REQUIREMENTS FOR RECIPIENTS OF POINTS PAID ON RESIDENTIAL MORTGAGES -- IA-17-90 (PROPOSED RULE)

ICR 199303-1545-006 · OMB 1545-1380 · Historical Active

Forms and Documents
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IC IDCollectionTypeStatusForm
132056 REPORTING REQUIREMENTS FOR RECIPIENTS OF POINTS PAID ON RESIDENTIAL MORTGAGES -- IA-17-90 (PROPOSED RULE) Migrated
ICR Details
1545-1380 199303-1545-006
Historical Active
TREAS/IRS
REPORTING REQUIREMENTS FOR RECIPIENTS OF POINTS PAID ON RESIDENTIAL MORTGAGES -- IA-17-90 (PROPOSED RULE)
New collection (Request for a new OMB Control Number)   No
Regular
Approved without change 05/18/1993
Retrieve Notice of Action (NOA) 03/08/1993
The proposed rule was published in the Federal Register on December 31 1992, but the information collections contained in it were not submitt to OMB for review until March 8, 1993. Accordingly, we have reviewed the proposed collections as contained in an existing rule under Sectio 1320.14 of the regulations implementing the PRA. OMB approves the collections, but believes IRS should particularly address the followin public comments: 1) Section H-1 (f)(3)(i)B, a question concerning whether reporting points paid by the seller on behalf of the borrower will lead to erroneous deductions by borrowers, 2) Section 1.6050H-1 ( (3)(ii) Example (1), the request that the word, "however," be removed from the language describing what the lender of record must report (3r line from the end of the example), and 3) (no rule section) a suggesti for inclusion of instructions concerning whether points paid on land contracts are reportable on Form 1098.
  Inventory as of this Action Requested Previously Approved
05/31/1994 05/31/1994
1 0 0
1 0 0
0 0 0
TO ENCOURAGE COMPLIANCE WITH THE TAX LAWS RELATING TO THE MORTGAGE INTEREST DEDUCTION, THE PROPOSED REGULATIONS REQUIRE THE REPORTING ON FORM 1098 OF POINTS PAID ON RESIDENTIAL MORTGAGES. ONLY BUSINESSES TH RECEIVE MORTGAGE INTEREST IN THE COURSE OF A TRADE OR BUSINESS ARE AFFECTED BY THIS REPORTING REQUIREMENT.
None
None
No
1
IC Title Form No. Form Name
REPORTING REQUIREMENTS FOR RECIPIENTS OF POINTS PAID ON RESIDENTIAL MORTGAGES -- IA-17-90 (PROPOSED RULE)
  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 1 0 0 1 0 0
Annual Time Burden (Hours) 1 0 0 1 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
No
$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
  No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
03/08/1993