Does the landlord pay interest on the security deposit account?

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Does the landlord pay interest on the security deposit account?

I received a 1099-INT from an account my landlord set up with my name on it. The interest on the security deposit. It is in my name but who is suppose to pay for it. Isn’t that the responsibility of the landlord not tenant?

Asked on January 30, 2012 under Real Estate Law, Connecticut

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I am not sure that I am clear on this question or that you realize what was sent to you.  The 1099-INT is the interest that your security deposit earned over the course of the time that is indicated thereon.  It is interest that is attributable to YOU meaning that it is reported as interest income to the IRS under your social security number.  You must use this when doing your taxes and report it as income.  Additional questions should be directed to your accountant.  Good luck.


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