U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-04-2013, 10:56 AM
 
84 posts, read 233,685 times
Reputation: 27

Advertisements

So about 2 weeks ago I got a statement (1099) showing that I had an account I never opened.
I went online and checked that this was a 'Lease security account'. Apparently the L/L opened to fullfill the requirements of putting the money on a interest-bearing account.

This is somewhat unsual to me since I never got a statement before. And the taxable interest earned was $15
This is going to negatively affect my refund this year. Do I report it on my tax return?

Please advice!!!

Thanks
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-04-2013, 11:53 AM
 
3,445 posts, read 5,740,547 times
Reputation: 6116
You will have to pay tax on that $15 and it will NEGATIVELY affect your tax refund to the tune of, at most, $5.

Will that have a terrible affect on your life?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-04-2013, 11:58 AM
 
694 posts, read 1,131,277 times
Reputation: 830
I think that landlords are required to put the deposit into the interest-bearing escrow account, and also, they can reduce the interest you get by any fees that the bank charges them for it. Yes, you do have to report the interest on your tax return and as the previous posted said, the effect is going to be truly minimal.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-04-2013, 12:05 PM
 
84 posts, read 233,685 times
Reputation: 27
k no problem. I understand.
I was just trying to understand this thing. Like I said I never got it before.
It's funny how I got to pay taxes on this and then we move out, the L/L might discount for this and that, and in the end not only I wouldn't be getting the interest I'm paying taxes on, but also I might get a smaller principal.

Anyways, thanks for clarifying!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-04-2013, 01:40 PM
 
Location: Upper East, NY
1,145 posts, read 2,886,871 times
Reputation: 562
well it's a higher base from which they would start discounting if they want to fish money out for repairs. You pay taxes on the amount between the base and the higher base.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-05-2013, 11:49 AM
 
Location: Manhattan
24,499 posts, read 34,326,845 times
Reputation: 12020
It can be an unholy mess if that $15 requires you to file in two states pro-rata. It happened to my partner and I do the taxes (and it was even a lot less than $15.)
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-05-2013, 12:50 PM
 
3,445 posts, read 5,740,547 times
Reputation: 6116
how would an interest statement require you to file in two states unless you had to do multi-state filing to begin with?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-05-2013, 04:13 PM
 
9,680 posts, read 26,108,910 times
Reputation: 4158
If it's under a certain amount, the l/l may not send it to IRS.

For tax on $15, I'd never bother filing a 1040X and state amended returns. Many taxing agencies ignore amounts that small and will never contact you for the tiny amount due. If they do, just send a check.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-05-2013, 04:23 PM
 
Location: NY,NY
2,896 posts, read 9,436,550 times
Reputation: 2068
People are starving and homeless, and the concern is $15 in earned interest.

Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top