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Financial Institution Withholding

Procedure by which funds may be withdrawn on a regular basis from a bank or financial institution set up by the payer; the withdraw is made via an administrative or judicial order to the bank or institution.

Question: Question about 1099-OID as it relates to "debt instrument"? If i issue a debt instrument and i have a interest in the face value of the instrument so for instance i issue a 1,000.00 debt instrument and i was paid 0 for it and the financial institution is withholding my 1,000.00 and will not return my property how would i go about declaring my withholding of my interest?

Answer: A 1099 is issued by the holder to the borrower, reporting interest paid to the holder by the borrower. Your question implies a rather unique relationship between you, the bank and the borrower - which is too confusing for me to comprehend.


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