Who has responsibility for reporting to the IRS?
This reporting requirement parallels that for the mortgage interest deduction. The provision permits the Treasury to require by regulations that any person receiving payments of mortgage insurance premiums aggregating $600 or more for any calendar year to file an information return with the IRS and to provide a copy of such return to the individual making such payments. Unless the IRS issues guidance on this issue stating otherwise, CMG MI believes that Credit Unions generally are best positioned to have and provide this information.
