Does Oregon tax escrow interest in 2021? I did not get a 1099-NT from Wells Fargo. The bank said escrow interest is not taxable in OR. No interest was documented by them.

Forum|Forum|4 years ago
February 25, 2022
1 reply
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No escrow interest was documented by Wells Fargo in any paper or online statements for 2021.

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MarilynG

Level 15

If you receive interest on an escrow account, you can report it in your Federal return as if you had received a 1099-Int. Lenders are not required to produce a 1099-Int for interest under $10.

However, not all escrow accounts are required to pay interest, so that may be the case in your instance if no interest is shown on your escrow account.

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user6141620Author

Level 3

Hi MarilynG1, thank you very much for your reply. I really appreciate your input. I did not get a Wells Fargo 1099NT for 2021 escrow interest for a mortgage loan in Oregon . No documentation for any kind of interest was documented in any paper or online forms for 2021. However, I got a 1099NT from Wells Fargo for tax year escrow interest (mortgage in Oregon) for tax year 2020 and reported that on my Oregon State taxes for 2020. When I called Wells Fargo regarding tax year 2021, they stated that Oregon no longer requires documentation for interest on escrow. Do mortgage companies have to document escrow interest on account information even if it is under $10? US bank also did not issue 1099NTs but they did list all interest accrued so I could list that on my federal and state taxes for 2021. This seems odd.

DaveF1006

Level 15

Yes, payors are not required to issue a 1099-INT for interest amounts less than $10 but you are still responsible for reporting it. As you mentioned, that information is readily available in your account information that is accessible at any time.

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