Nominee Interest financial definition of Nominee Interest
that a person receives on behalf of another person. One is not taxed for nominee interest because the interest ultimately goes to someone else. One must file a form 1099-INT
in order to have nominee interest remitted from one's taxable income
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References in periodicals archive
Entering nominee interest
was simplified, line override capabilities were enhanced and a worksheet for calculating NOL was added.
Exceptions and observations: Nominee interest must be included in total interest and deducted manually as excludable interest.
Exceptions and observations: Nominee interest must be entered as regular interest and then reentered as nominee interest.