Solved: I got a 1099-Misc from my mortgage loan bank that list as other income the credit they gave me for closing costs. I was the buyer. Is this taxable?
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New Member

I got a 1099-Misc from my mortgage loan bank that list as other income the credit they gave me for closing costs. I was the buyer. Is this taxable?

The mortgage loan credit was used for closing costs.
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Level 4

I got a 1099-Misc from my mortgage loan bank that list as other income the credit they gave me for closing costs. I was the buyer. Is this taxable?

No, it is not taxable.

The credit you received from the bank was a return of excess payments that you made at closing.

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5 Replies
Level 4

I got a 1099-Misc from my mortgage loan bank that list as other income the credit they gave me for closing costs. I was the buyer. Is this taxable?

No, it is not taxable.

The credit you received from the bank was a return of excess payments that you made at closing.

View solution in original post

New Member

I got a 1099-Misc from my mortgage loan bank that list as other income the credit they gave me for closing costs. I was the buyer. Is this taxable?

Thank you.
Level 4

I got a 1099-Misc from my mortgage loan bank that list as other income the credit they gave me for closing costs. I was the buyer. Is this taxable?

You are welcome
New Member

I got a 1099-Misc from my mortgage loan bank that list as other income the credit they gave me for closing costs. I was the buyer. Is this taxable?

Hi Leonard, I would like further clarification. So, we do not have to report credits that they gave us, even though they applied the credit during the closing?
New Member

I got a 1099-Misc from my mortgage loan bank that list as other income the credit they gave me for closing costs. I was the buyer. Is this taxable?

I also recieved one for the same reason. However, the 1099-Misc is submitted to the IRS. How do you correct this to avoid paying taxes for this sum? It should show that I'm missing a 1099-MISC reporting if I tried to just file without it.

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