How and Where is Beginning Principal Balance or Outstanding Mortgage Principal Represented in the Servicing Director IRS 1098/1099 Export File
For the reporting year 2016, the Servicing Director IRS 1098/1099 Export file includes a new field, known as the Beginning Principal Balance in Servicing Director, or defined as Outstanding Mortgage Principal in the IRS publications.
The Servicing Director IRS 1098/1099 Export follows the IRS guidelines as published in IRS Publication 1220 For Tax Year 2016, which is available on the IRS website.
Please review this document for all the specific information and definitions.
The fields and values are found here:
There is an Amount Code value of a 6 in Payer A record, in position 28-43 - see page 45 of Publication 1220
Then in the Payee B Record, in position 115-126 the balance is reported for Amount Code 6 - see page 66 of Publication 1220.
Environment:
Beginning Principal Balance/Outstanding Mortgage Principal
ArticleNumber:
000055179