which form to use to report US bank interest?

Kismet
New Member



Joined: 28 Mar 2008
Posts: 2

Posted: Wed Apr 02, 2008 8:10 am

 

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i think i'm supposed to use 1098 or 1099 to report US bank interest.
but i am not sure which one to use. within 1098 there's mortgage interest, student loan interest, which none applies to me.
under 1099, i don't think i can use this schedule unless the interest i received reaches to a particular amont.
any suggestions?

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Steven
CanuckAbroad VIP



Joined: 28 Sep 2007
Posts: 1064
Location: Calgary

Posted: Thu Apr 03, 2008 10:29 am

 

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The bank should send you a 1099-INT with your bank interest stated on it (they may not have to send you one if it's a really small amount, I think it's less than $600 but check). If you haven't got one, get them to send you one.

If it's a small amount you just work it out and put it on your return as per the instructions.
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Steve.

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