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February 26, 2022
Question

Do I have to report income that was a credit toward closing cost when closing on a mortgage. I did not receive cash. I have a 1099-misc from the institution.

  • February 26, 2022
  • 1 reply
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1 reply

AliciaP1
February 26, 2022

No, closing cost credits are not income to you.  They are merely reductions of your costs because someone else in the transaction is covering those costs.

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