Posted by chris_wa on April 18, 2000 at 18:21:01:
i guess i will now be considered “on the ball with all my paperwork…” 
thank you!
chris_wa
mobile help!!! an owner wants my FEIN number? yes or no… - Posted by chris_wa
Posted by chris_wa on April 17, 2000 at 20:41:34:
One of my buyers from awhile back called today and asked for my FEIN number so that they can write off the interest they have paid toward a mobile we sold them. I was under the impression that i don’t give that number to anyone except for lending institutions. am i right? are they entitled to my number so they can get a write off? you can with mortgage payments…but i am not really “a bank” we are using a C-Corp. what should i tell them??? thanks…
chris_wa
Re Form 1098 - Posted by JHyre in Ohio
Posted by JHyre in Ohio on April 19, 2000 at 10:46:21:
Chris,
You are only required to issue Form 1098 if you have received $600 or more in mortgage interest from the person in question. This rules out a fair number of Lonnie-type buyers…very few of my debtors itemize anyway. Some people send out 1098’s to all their MH debtors- as a convenience or as a marketing tool, not as an IRS requirement.
John Hyre
Re: mobile help!!! an owner wants my FEIN number? yes or no… - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on April 17, 2000 at 20:51:53:
Chris,
The c-corp. (I presume that is you) is required to give the borrower a form 1099-int. at the end of the year (during the month of Jan.). Many folks overlook this requirement, but it is still required. Your FEIN will be on this form. You are not a bank, but you are the lender. It would probably be best to get this info to the borrower as soon as possible…ED
How do you create a FEIN Number? - Posted by Brian M
Posted by Brian M on April 18, 2000 at 16:08:24:
I am new to Lonnie deals and this thread brings up an interesting question. When I create a note for a buyer of one of my mobile homes am I supposed to set up a FEIN. If I am supposed to set this up how do I go about doing this.
Thanks
exelent Post, so many people Do Not do this, but should - Posted by Dirk Roach
Posted by Dirk Roach on April 18, 2000 at 14:07:15:
This should routinely be done, as you have stated Ed. Also this can be used as selling feature in one’s mobile home deals.
Personally I also feel that it is a good idea to check and see if this has been done, when looking at purchasing mobile home notes. This among other things tips me off in regards if the note creator is on the ball with all of their paper work.
Dirk
Re: How do you create a FEIN Number? - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on April 18, 2000 at 18:49:32:
Brian,
If you are operating as an individual you can use your Social Security number, or you can apply for a
federal Employer Identification Number by filling out form SS-4. Get that from the IRS, and then you will be assigned a FEIN. A c-corp will have it’s own number…ED