Those WHFITs 1099s

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  • Black Bart
    Senior Member
    • Jun 2005
    • 3357
    #1

    Those WHFITs 1099s

    sure came in handy this past season, didn't they?
    Tags: None
    • Corduroy Frog
      Senior Member
      • May 2007
      • 601
      #2
      Those WHAT??

        Comment

        • PIGLEE
          Senior Member
          • Sep 2005
          • 446
          #3
          If they were great, I want some, whatever they are. Do I get them, or give them????

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            • Black Bart
              Senior Member
              • Jun 2005
              • 3357
              #4
              Hmm...a couple of investing novices, obviously.

              WHFIT is an acronym for Widely Held Fixed Investment Trust.

              What are they? Please refer to Regulations section 1.671-5(b)(22). For information with regard to 1099 reporting obligations, refer further to Regulations section 1.671-5(e). Note that non pro-rata partial principal payments and secondary market trust interest must be included to avoid non-compliance penalties.

              I'll post more later on possible safe harbor rules for these and also non-mortgage WHFITs (NMWHFITs).
              Last edited by Black Bart; 07-02-2009, 02:55 PM.

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                • luke
                  Senior Member
                  • Dec 2008
                  • 437
                  #5
                  Yikes!

                  I'm glad I DON'T know about them........

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