Author: John Mitchell

Q: I stay in a big market-rate house constructing on the Higher West Aspect. My landlord positioned my safety deposit in an interest-bearing account, as required by legislation. The account solely pays 1 p.c and the financial institution sends the total curiosity earnings to my landlord every month as a price permitted by New York state. Nonetheless, on the finish of the yr, I acquired a 1099 for the curiosity earned although I by no means acquired the funds. Is that this authorized? And isn’t the owner obligated to place the deposit in a higher-earning account contemplating that any earnings…

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